Change Log for Version 19.1

Change Date: 1/16/2019

Details: The introductory paragraph under the Support for HELOC Loans heading has been updated on the Feature Enhancements page to clarify that the request to update programs should be submitted to EPPS Technical Support, and not Encompass Technical Support.

The reference to the "Encompass Technical Support" has been changed to "EPPS Technical Support.".

Change Type: Updated entry

Change Date: 10/15/2018

Details: Updated the Updated the EPPS to Encompass Amortization Type Mapping for HELOC Programs entry on the Feature Enhancements page to clarify which documents are affected by the update.

Current Entry:

Updated the EPPS to Encompass Amortization Type Mapping for HELOC Programs

When EPPS returns a HELOC program to Encompass, for the purpose of legal documents, the Amortization Type (field ID 2953) selection returned to the Lock Request Form will always be “ARM”.

Previous Entry:

Updated the EPPS to Encompass Amortization Type Mapping for HELOC Programs

When EPPS returns a HELOC program to Encompass, for documentation purposes, the Amortization Type (field ID 2953) selection returned to the Lock Request Form will always be “ARM”.

Change Date: 1/16/2019

Details: Updated the Updates to the Qualify and Summary Tabs entry on the Feature Enhancements page to indicate that the addition of the HCLTV value to the Qualify and Summary tabs affects all programs.

Current Entry:

• First bullet point in the entry: For all programs, added the HCLTV value to each program on the Qualify tab to provide the LTV, CLTV, and HCLTV values in one place.
• Second bullet point in the entry: For all programs, added the HCLTV value on the Summary tab.

Previous Entry:

• First bullet point in the entry: Added the HCLTV value to each program on the Qualify tab to provide the LTV, CLTV, and HCLTV values in one place.
• Second bullet point in the entry: Added the HCLTV value on the Summary tab. It will be displayed when a HELOC product is selected.

Change Date: 1/16/2019

Details: Updated the following entries on the Feature Enhancements page with a note indicating the change impacts CPM users only.

• Added New HCLTV Expression and Action to Conditions

• Added New HCLTV Expression and Variable to Matrices

• Added New HCLTV Column to Guidelines

• Added New CLTV and HCLTV Columns to Ratios

• Added New Max CLTV and Max HCLTV Fields to Risk Grades

• Added New Community/Affordable Second to Conditions and Matrices

Change Date: 1/17/2019

Details: The introductory paragraph under the Support for HELOC Loans heading has been updated on the Feature Enhancements page to include a note that states clients must migrate to Encompass 19.1 to fully integrate the EPPS HELOC functionality.

Clients must migrate to Encompass 19.1 to fully integrate the new EPPS HELOC functionality.

Change Date: 1/18/2019

Details:An introductory paragraph has been added under the Support for Non-Qualified Mortgages (Non-QM) heading on the Feature Enhancements page to to clarify that Non-QM loan pricing is not available in this release, but is scheduled for a future release. In addition, the "Why we made this update" section has been updated to provide similar clarification.

Support for Non-Qualified Mortgages (Non-QM)

The EPPS 19.1 release does not include pricing for Non-QM loans. The new fields added to the General and Finances tab are part of the effort to provide Non-QM loan pricing, currently scheduled for a future release.

Why we made this update: To prepare for the ability to qualify Non-QM loans, new fields have been added to the General and Finances tabs.

Change Type: Updated entry

Change Date: 2/1/2019

Details: Updated the Updates to the General Tab entry on the Feature Enhancements page to correct the calculation for the 2nd Mgt Bal. In addition, the screen shot has been replaced to display the read-only Max Loan Amount/Max Line field.

Current Entry:

• Updated the fields when “1st Mortgage” is selected as the Lien Position to accommodate first lien HELOCs.

• Moved the read-only LTV calculation next to the Property Val field.
• Removed 2nd LTV that was next to 2nd Mtg Bal and the conditional LTV/CLTV that was located next to Total Amount.
• 2nd Mtg Bal - Displays the sum of Subordinate Lien Amounts (field ID 3036) and any open HELOC draw amounts (field ID 3846) minus the subject initial draw (field ID 4510).
• The read-only CLTV calculation is displayed next the 2nd Mtg Bal.
• 2nd Paymt – Displays the value from field ID 1725.
• Modified the following fields when a HELOC loan term is selected:
• Loan Amount is displayed as Loan Amount/Initial Draw.
• The read-only Max Loan Amount/Max Line is displayed.
• The read-only HCLTV calculation is displayed next to Max Loan Amount/Max Line.

Previous Entry:

• Updated the fields when “1st Mortgage” is selected as the Lien Position to accommodate first lien HELOCs.

• Moved the read-only LTV calculation next to the Property Val field.
• Removed 2nd LTV that was next to 2nd Mtg Bal and the conditional LTV/CLTV that was located next to Total Amount.
• 2nd Mtg Bal - Displays the sum of Subordinate Lien Amounts (field ID 3036) and any outstanding lines of credit (field ID 4519).
• The read-only CLTV calculation is displayed next the 2nd Mtg Bal.
• 2nd Paymt – Displays the value from field ID 1725.
• Modified the following fields when a HELOC loan term is selected:
• Loan Amount is displayed as Loan Amount/Initial Draw.
• Max Loan Amount/Max Line is displayed.
• The read-only HCLTV calculation is displayed next to Max Loan Amount/Max Line.

Change Date: 2/5/2019

Details: A second paragraph has been added to the introductory paragraph under the Support for Non-Qualified Mortgages (Non-QM) heading on the Feature Enhancements page to provide information about loans with no credit scores.

Support for Non-Qualified Mortgages (Non-QM)

The EPPS 19.1 release does not include pricing for Non-QM loans. The new fields added to the General and Finances tab are part of the effort to provide Non-QM loan pricing, currently scheduled for a future release.

As part of these efforts loans submitted for pricing that do not have credit scores will now be considered No Credit Score transactions. The credit scores for these transactions will not be editable in EPPS. If the transaction is not a No Credit Score transaction, the credit scores must be updated in Encompass and resubmitted to EPPS.

Change Date: 2/5/2019

Details: Updated the Updates to the General Tab entry on the Feature Enhancements page to emphasize that the LTV/CLTV/HCLTV calculations on the General tab are calculated read-only fields.

Current Entry:

• Added new fields when “2nd Mortgage” is selected as the Lien Position to enable HELOCs to be qualified based on the appropriate data.

  

• 1st Mtg Bal - Displays the value from field ID 3035.
• Other Closed End 2nd Mort – Displays the value from field ID 3036.
• Housing Paymt – Displays the value from the field ID 1724.
• Loan Amount/Initial Draw – This required field displays the value from field ID 4510.
• A warning, “Loan Amount/Initial Draw must be completed.”, is displayed if this field is blank.
• Other HELOC Draws – This read-only field determines the outstanding HELOC Draws apart from the subject draw request. It displays the difference between field ID 3846 and field ID 4510 (3846 – 4510).
• This field will not be updated when fields are changed within EPPS.
• Max Loan Amount/Max Line – This required field displays the value from field ID 3043.
• A warning,“Max Loan Amount/Max Line must be completed.”, is displayed if this field is blank.
• Other HELOC Lines – This read-only field determines the outstanding HELOC Lines of credit apart from the subject credit line request. It displays the difference between field ID 4519 and field ID 3043 (4519 – 3043).
• This field will not be updated when fields are changed within EPPS.

• Added new read-only CLTV and HCLTV calculations next to Loan Amount/Initial Draw and Max Loan Amount/Max Line, respectively.

For 1st and 2nd lien and a mixed selection of standard products, CLTV is displayed based off the worst case calculation on the General tab only. To update the CLTV calculation, adjust the standard products to reflect either Government (FHA, VA, USDA) or Non-Government (Agency, Non Agency, Non-QM).

• For government loans (e.g., FHA, VA, USDA), the CLTV and HCLTV calculations are the same.
• For conventional loans, the two calculations provide a distinction between the credit accessed (CLTV) versus the credit limit (HCLTV).

For all programs, LTV, CLTV and HCLTV are calculated, read-only fields.

Previous Entry:

• Added new fields when “2nd Mortgage” is selected as the Lien Position to enable HELOCs to be qualified based on the appropriate data.

  

• 1st Mtg Bal - Displays the value from field ID 3035.
• Other Closed End 2nd Mort – Displays the value from field ID 3036.
• Housing Paymt – Displays the value from the field ID 1724.
• Loan Amount/Initial Draw – This required field displays the value from field ID 4510.
• A warning, “Loan Amount/Initial Draw must be completed.”, is displayed if this field is blank.
• Other HELOC Draws – This read-only field determines the outstanding HELOC Draws apart from the subject draw request. It displays the difference between field ID 3846 and field ID 4510 (3846 – 4510).
• This field will not be updated when fields are changed within EPPS.
• Max Loan Amount/Max Line – This required field displays the value from field ID 3043.
• A warning,“Max Loan Amount/Max Line must be completed.”, is displayed if this field is blank.
• Other HELOC Lines – This read-only field determines the outstanding HELOC Lines of credit apart from the subject credit line request. It displays the difference between field ID 4519 and field ID 3043 (4519 – 3043).
• This field will not be updated when fields are changed within EPPS.

• Added new read-only CLTV and HCLTV calculations next to Loan Amount/Initial Draw and Max Loan Amount/Max Line, respectively.

For 1st and 2nd lien and a mixed selection of standard products, CLTV is displayed based off the worst case calculation on the General tab only. To update the CLTV calculation, adjust the standard products to reflect either Government (FHA, VA, USDA) or Non-Government (Agency, Non Agency, Non-QM).

• For government loans (e.g., FHA, VA, USDA), the CLTV and HCLTV calculations are the same.
• For conventional loans, the two calculations provide a distinction between the credit accessed (CLTV) versus the credit limit (HCLTV).

Change Date: 2/12/2019

Details: The introductory paragraph note under the Support for HELOC Loans heading has been updated on the Feature Enhancements page to clarify how to use the new functionality.

Clients must migrate to Encompass 19.1 to fully integrate the new EPPS HELOC functionality. Loans must be submitted to EPPS through Encompass to be inclusive of all subordinate liens.

Change Type: Updated entry

Change Date: 2/12/2019

Details: Updated the Updates to the General Tab entry on the Feature Enhancements page because the LTV and Max Loan Amount/Initial Draw fields have been updated to be editable.

Current Entry:

• Updated the fields when “1st Mortgage” is selected as the Lien Position to accommodate first lien HELOCs.

• Moved the LTV calculation next to the Property Val field.
• Removed 2nd LTV that was next to 2nd Mtg Bal and the conditional LTV/CLTV that was located next to Total Amount.
• 2nd Mtg Bal - Displays the sum of Subordinate Lien Amounts (field ID 3036) and any open HELOC draw amounts (field ID 3846) minus the subject initial draw (field ID 4510).
• The read-only CLTV calculation is displayed next the 2nd Mtg Bal.
• 2nd Paymt – Displays the value from field ID 1725.
• Modified the following fields when a HELOC loan term is selected:
• Loan Amount is displayed as Loan Amount/Initial Draw.
• The Max Loan Amount/Max Line is displayed.
• The read-only HCLTV calculation is displayed next to Max Loan Amount/Max Line.

Previous Entry:

• Updated the fields when “1st Mortgage” is selected as the Lien Position to accommodate first lien HELOCs.

• Moved the read-only LTV calculation next to the Property Val field.
• Removed 2nd LTV that was next to 2nd Mtg Bal and the conditional LTV/CLTV that was located next to Total Amount.
• 2nd Mtg Bal - Displays the sum of Subordinate Lien Amounts (field ID 3036) and any open HELOC draw amounts (field ID 3846) minus the subject initial draw (field ID 4510).
• The read-only CLTV calculation is displayed next the 2nd Mtg Bal.
• 2nd Paymt – Displays the value from field ID 1725.
• Modified the following fields when a HELOC loan term is selected:
• Loan Amount is displayed as Loan Amount/Initial Draw.
• The read-only Max Loan Amount/Max Line is displayed.
• The read-only HCLTV calculation is displayed next to Max Loan Amount/Max Line.

Change Date: 2/12/2019

Details: Updated the Updates to the General Tab entry on the Feature Enhancements page to clarify the differences between the 1st and 2nd lien position and the LTV/CLTV/HCLTV calculations.

Current Entry:

• Added new fields when “2nd Mortgage” is selected as the Lien Position to enable HELOCs to be qualified based on the appropriate data.

  Updated on 2/12/2019

  

• 1st Mtg Bal - Displays the value from field ID 3035.
• Other Closed End 2nd Mort – Displays the value from field ID 3036.
• Housing Paymt – Displays the value from the field ID 1724.
• Loan Amount/Initial Draw – This required field displays the value from field ID 4510.
• A warning, “Loan Amount/Initial Draw must be completed.”, is displayed if this field is blank.
• Other HELOC Draws – This read-only field determines the outstanding HELOC Draws apart from the subject draw request. It displays the difference between field ID 3846 and field ID 4510 (3846 – 4510).
• This field will not be updated when fields are changed within EPPS.
• Max Loan Amount/Max Line – This required field displays the value from field ID 3043.
• A warning,“Max Loan Amount/Max Line must be completed.”, is displayed if this field is blank.
• Other HELOC Lines – This read-only field determines the outstanding HELOC Lines of credit apart from the subject credit line request. It displays the difference between field ID 4519 and field ID 3043 (4519 – 3043).
• This field will not be updated when fields are changed within EPPS.

• Added new read-only CLTV and HCLTV calculations next to Loan Amount/Initial Draw and Max Loan Amount/Max Line, respectively.

For 1st and 2nd lien and a mixed selection of standard products, CLTV is displayed based off the worst case calculation on the General tab only. To update the CLTV calculation, adjust the standard products to reflect either Government (FHA, VA, USDA) or Non-Government (Agency, Non Agency, Non-QM).

• For government loans (e.g., FHA, VA, USDA), the CLTV and HCLTV calculations are the same.
• For conventional loans, the two calculations provide a distinction between the credit accessed (CLTV) versus the credit limit (HCLTV).

For the 1st mortgage lien position, the CLTV and HCLTV are calculated, read-only fields for all programs. For the 2nd mortgage lien position, the LTV, CLTV and HCLTV are calculated, read-only fields for all programs.

Previous Entry:

• Added new fields when “2nd Mortgage” is selected as the Lien Position to enable HELOCs to be qualified based on the appropriate data.

  

• 1st Mtg Bal - Displays the value from field ID 3035.
• Other Closed End 2nd Mort – Displays the value from field ID 3036.
• Housing Paymt – Displays the value from the field ID 1724.
• Loan Amount/Initial Draw – This required field displays the value from field ID 4510.
• A warning, “Loan Amount/Initial Draw must be completed.”, is displayed if this field is blank.
• Other HELOC Draws – This read-only field determines the outstanding HELOC Draws apart from the subject draw request. It displays the difference between field ID 3846 and field ID 4510 (3846 – 4510).
• This field will not be updated when fields are changed within EPPS.
• Max Loan Amount/Max Line – This required field displays the value from field ID 3043.
• A warning,“Max Loan Amount/Max Line must be completed.”, is displayed if this field is blank.
• Other HELOC Lines – This read-only field determines the outstanding HELOC Lines of credit apart from the subject credit line request. It displays the difference between field ID 4519 and field ID 3043 (4519 – 3043).
• This field will not be updated when fields are changed within EPPS.

• Added new read-only CLTV and HCLTV calculations next to Loan Amount/Initial Draw and Max Loan Amount/Max Line, respectively.

For 1st and 2nd lien and a mixed selection of standard products, CLTV is displayed based off the worst case calculation on the General tab only. To update the CLTV calculation, adjust the standard products to reflect either Government (FHA, VA, USDA) or Non-Government (Agency, Non Agency, Non-QM).

• For government loans (e.g., FHA, VA, USDA), the CLTV and HCLTV calculations are the same.
• For conventional loans, the two calculations provide a distinction between the credit accessed (CLTV) versus the credit limit (HCLTV).

For all programs, LTV, CLTV and HCLTV are calculated, read-only fields.

Change Date: 2/21/2019

Details: The introductory paragraph under the Support for HELOC Loans heading has been updated on the Feature Enhancements page to include a tip that states clients must implement their own eligibility and pricing changes in support of Community/Affordable Seconds.

Eligibility and pricing changes in support of Community/Affordable Seconds is implemented at the discretion of the Investor. Clients using Custom Investors must implement their own eligibility and pricing changes in support of Community/Affordable Seconds by submitting a request to EPPS Technical Support or making the changes in CPM, depending on the implementation.