Encompass Glossary
Address Book
Used to add business contacts to loan forms, as well as to the Default Providers and File Contacts tool. The Address Book allows you to select a contact from your business contacts. Adding a contact from the Address Book ensures consistent, complete, and accurate contact information is added to the loan file.
Alert
An alert is a notification that indicates an event has occurred, is pending, or is due. Alert information displays on the Pipeline and, depending on the type of alert, in the Log and worksheets. Common alerts include rate lock expiration, milestone, task follow-up, and conversation log follow-up. Compliance alerts are triggered any time a loan violates RESPA or MDIA
regulations.
Alerts & Messages Tab
Part of the Log, the Alerts & Messages tab displays the active alerts and unread messages for a loan.
Amortization Schedule
Tool that displays detailed information (for example, principle, interest, and balance) for the life of the loan.
Audit Trail
Tool used to view and export a history of changes made to selected fields in the loan file.
Borrower Contact
Your borrowers or potential borrowers.
Business Contacts
Vendors or partners with whom you do business.
Business Contacts Tool
Tool used to create or edit contacts in your business contacts. You can then right-click a business contact field or click the Address Book icon to add a contact to a loan form, the Default Providers tool, or the File Contacts tool.
Business Rules
Rules set up by the Administrator to define access to loan files and the Appraisal Order Management tool.
Business Rules
Rules set up by the Administrator to define access to loan files and specific loan fields, as well as the Appraisal Order Management tool. These rules can, for example, limit the loans that can be moved into a folder.
Campaign Management
Used to create and manage marketing campaigns to drive the acquisition of new leads or to maintain continuous communication with existing borrower and business contacts.
Cash-to-Close
Tool used to provide a summary of the amount of cash needed from the borrower to close the loan. Values are derived from the GFE Itemization form.
Co-Mortgagers
Tool used to manage the co-mortgagers and co-borrowers associated with a loan.
Contact Group
Groups of selected contacts. These groups enable you to manage your borrower and business contacts and facilitates adding or removing them from a campaign.
Conversation Log
Used to track interactions with the borrower, service providers, and other contacts related to the loan.
Custom Views
When viewing loans on the Pipeline tab and contacts on the Contacts tab, you can control the information that is displayed and how it is displayed. You can then save the configuration as a new custom view and apply the criteria to the data at any time. Customization options include adding or removing columns, changing the column order, sorting the data, and applying search filters.
Dashboard
Used by loan team members to monitor and manage the business. The Dashboard displays snapshots of real-time loan information, historical
data, and performance trends. You can also create custom Dashboard configurations that display the specific loan information that you need, in either a tabular or graphical format.
Debt Consolidation
Tool used with a refinanced loan to consolidate a prospective borrower's liabilities and optimize the potential monthly savings.
Disclosure Tracking Tool
Tool that provides disclosure timelines and tracking dates, the disclosure history, and the latest disclosure details. You can use this tool to log GFE, REGZ-TIL, and other disclosures (for loans using 2010 forms) and Loan Estimate and Closing Disclosure forms (for loans using 2015 RESPA-TILA forms). You can also follow the timelines and tracking dates to help stay compliant with the 2010 RESPA regulations that went into effect on January 1, 2010, the new provisions to the Mortgage Disclosure Improvement Act (MDIA) that went into effect on July 30, 2009, and the 2015 RESPA-TILA regulations effective October 3, 2015.
Document Details
Window used to review attached documents and compare them with data in the loan file.
eDisclosure
A group of initial disclosures you can send to your borrowers. In Encompass, "initial disclosures" are called "eDisclosures" and "initial disclosure packages" are called "eDisclosure packages". The initial disclosures are free of charge and the documents are based on the selected Fannie Mae, Freddie Mac, or other investor plan code, as well as loan-specific information such as the state in which the subject property is located.
eDisclosure Fulfillment Service
A service provided within Encompass to help ensure that initial disclosures are sent to the borrower according to the times mandated by RESPA. After a loan team member sends the required initial disclosures to a borrower using the eFolder's eDisclosures option, the eDisclosure Fulfillment service automatically notifies them when the borrower accesses the package, fails to accept the package within a specified timeframe, and declines to receive the package electronically.
After sending the notification that the borrower failed to accept the package within a specified timeframe or declined to receive the package electronically, the service prepares a securely printed version of the disclosure package and sends it to the borrower on the date of your choice. (The package is prepared by ICE Mortgage Technology and sent via the U.S Postal Service (USPS).)
eFolder
The eFolder provides a central location for accessing and managing the electronic documents and conditions associated with a loan. The eFolder tracks document-related activities wherever they take place (using EDM).
Electronic Document Management (EDM)
Use EDM to access and manage the electronic documents associated with a loan. All EDM activities are initiated from the eFolder, including ordering and retrieving settlement services, requesting and receiving required documents, and archiving and retrieving loan documents.
Encompass Client
A component of Encompass that users run when they are in a networked environment. The client "talks to" the Encompass Server to exchange information with the Encompass Database.
Encompass Server
A component of Encompass that contains the Encompass database, typically hosted on a central server. It exchanges data with the Encompass Client over the network (or over the Internet if the Encompass Server is running on an IIS web server).
ICE Mortgage Technology Partner Network
A transaction platform that allows you to order services and connect to online service providers from directly within Encompass.
FHA Management Tool
The FHA Management form provides a convenient, central location for managing FHA-related information and accessing other forms used to complete FHA loans. Before you work on the FHA Management form, complete the Borrower Summary and the 1003 Loan Application. Many of the fields on the FHA Management form will already be completed based on entries in the Borrower Summary and the 1003. Use the buttons and icons on the form to record FHA information, order services, or open pop-up windows to access other loan forms.
File Contacts
Tool containing the contacts and service providers associated with a loan.
Funding Worksheet
Tool used to record information related to the disbursement of the loan funds and to calculate the amount of the wire transfer.
Instant Messenger
Use the Instant Messenger to send instant messages to other users who are logged in to Encompass.
Lead Center
Accessible on the Contacts tab, it is used to register with real-time lead providers and import leads directly into the Contacts tab.
Left Panel
Part of the Loan Workspace, the left panel is divided into two sections. The upper section contains a log of loan activities, alerts, and messages. Below the Log are three tabs that provide access to input forms, loan tools, and service providers.
Licensed Add-On
Encompass features or products that require a current license to use:
Electronic Document Management, Encompass Consumer Connect
Loan Comparison
Tool used with prospective borrowers to compare the qualifying ratios and requirements of up to three loan programs with a borrower's ratios and qualifying data.
Loan Custom Fields
Tool used to create an unlimited number of loan fields to meet the specific requirements of your business.
Loan Team Member
A loan team member is any person who fulfills a role during the processing of a loan.
Loan Workspace
(Also referred to as the Workspace); When you originate a loan or open an existing loan, the Loan Workspace opens. It is the focal point for tracking, managing, and carrying out loan activities. The Loan Workspace contains two panels: the Left Panel (includes the Log) and the Right Panel.
Loan Trades
Encompass module used to create, manage, and track bulk loan trades.
Lock Request Form
Form used to submit a rate lock request to the lock desk.
Log
Part of the Loan Workspace, the Log communicates historical, current,
and future loan-related activities and events. Log entries contain information
such as completed and future milestones, email and phone communications,
notifications of required actions (Alerts), document tracking details,
and general notations. The Alerts & Messages tab displays the active alerts and unread messages for a loan.
Log Entry
An entry made to the log. Key entry types include: Milestone, Conversation Log, Document Tracking, General Log Entries, Status Online Update, Documents Requested, and Fax Received. When you add or select an existing entry, a worksheet opens in the Right Panel. The worksheet contains detailed information corresponding to the type of entry selected.
Log Viewer
Used to view the message log and set the number of messages you want saved to the Log.
Master Contract
Module used to record and track contracts for the delivery of bulk loans. The module tracks key information such as the amount of the contract, the number and value of the trades that have been applied, percent completion, and the total gain/loss.
Milestone
A step in the loan workflow that defines loan tasks and the role that carries out those tasks. When tasks are completed, the milestone is marked as "Finished" and work begins on the next milestone.
Milestone Worksheet
Used to record activities and the completion of tasks associated with each milestone.
MDIA
On May 8, 2009 the Federal Reserve Board issued a final rule implementing changes to the Truth in Lending Act made by the Mortgage Disclosure Improvement Act (MDIA) of 2008. Theese MDIA changes went into effect on July 30, 2009, and include:
- Collection of Fees: The only fee that can be charged to the borrower prior to the loan application is a credit report fee.
- APR Change: If the final annual percentage rate (APR) is off by more than .125% from the initial GFE disclosure then the lender must re-disclose and wait another three business days before closing on the transaction.
- Timing of Disclosure: The 3/7/3 Rule requires a seven business day waiting period once the initial disclosure is provided before closing a home loan.
Password Manager
When you order a service, you will enter login information for the selected service provider. For some service providers, you can use the Password Manager to store this information and automate the login process.
Persona
Each user in your organization is assigned one or more personas which represent job functions. Each persona defines access to functions, forms, and tools in Encompass. It's possible to assign multiple personas to a user who performs multiple roles in your organization, such as loan officer (LO) and loan processor (LP).
Piggyback Loan
A loan that is closed at the same time as a primary (or 1st) loan. Also referred to as a concurrent, 80/10/10 or 80/20 loans.
Pipeline
Your Pipeline lists all of your current loans. From the Pipeline you can originate a loan, view loan summaries and details, open, search for, move, delete, import, and transfer a loan, duplicate a loan or duplicate a loan for a 2nd, check loan alerts, log a communication, or export a loan to Fannie Mae DU. You can also customize your Pipeline and create custom Pipeline Views to suit your needs.
Plan Code
During the Closing process, you can use the Plan Code feature to select a loan program that will be applied to the closing documents.
Prequalification
Used with prospective borrowers to compare the qualifying ratios and requirements of different loan programs with borrower ratios.
Profit Management
Tool used to calculate the gross profit, commissions, and the net profit of a completed loan.
Purchase Advice Form
Tool used to determine your gain (or loss) from the loan transaction and to reconcile payments expected from the investor against payments received by the lender.
Rent vs. Own
Tool used with prospective borrowers to determine if owning a home is beneficial when compared with renting.
Resources
Members of defined User Groups can be granted access to these public resources: Standard Print Forms, Custom Print Forms, Print Form Groups, Public Business Contact Groups, Borrower Custom Letters, Business Custom Letters, Reports, and Campaign Templates.
Right Panel
Part of the Loan Workspace, the right panel displays the input forms and worksheets used to enter data and update loan information. For example, if you click a Milestone entry in
the Log, a Milestone worksheet opens in the right panel. If you click the
File Contacts tool on the Tools tab in the left panel, the File Contacts tool opens in the right panel.
The header area contains a summary of key loan information, such
as loan amount, loan number, and loan rate. On the right side of the header, the name of the currently-assigned loan team member is displayed. You can click the arrow to the right of the current loan team member to view a list of all team members associated with the loan. You can also click the Business Contact icon and select a phone number or email address to initiate a conversation log entry as needed.
Above and to the right of the header information is the eFolder icon, used to open the Encompass eFolder.
RESPA
The Real Estate Settlement Procedures Act (RESPA) is a federal law that defines what, how and when lenders must disclose information to borrowers regarding settlement costs, lending practices and business relationships between parties. RESPA was enacted to protect borrowers from abusive lending practices and conflicts of interest among lenders and industry professionals. Updated frequently, the law now requires that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement.
RESPA-TILA
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), the Consumer Financial Protection Bureau (CFPB) was directed to integrate the two different mortgage disclosure forms lenders have long been required to provide to consumers applying for a mortgage and the two different forms required at or shortly before closing on a loan into two new forms. The CFPB satisfied this statutory mandate and issued proposed rules and forms on July 9, 2012. After issuing the proposal and working with hundreds of consumers and the new integrated disclosures, the CFPB has finalized a rule with new, integrated disclosures. The rule is the Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z), or the RESPA-TILA rule. This rule is effective on most new loans starting on or before October 3, 2015.
Role
Roles are shipped with Encompass and assigned to loan team members based on their responsibilities during loan processing. The default roles are: Loan Officer (LO), Loan Opener (OP), Loan Processor (LP), Underwriter (UW), and Closer (CL).
Role
Roles are shipped with Encompass and assigned to loan team members based on their responsibilities during loan processing. The default roles are: Loan Officer (LO), Loan Processor (LP), and Closer (CL).
Secondary Registration
Tool used to receive rate lock requests, enter investor details and pricing information, and lock the loan rate.
Secure Form Transfer
Tool used to securely send loan forms to the borrower and other appropriate individuals.
Self-Paid License
Encompass licenses paid for by the user, separate from licenses purchased by the company.
Shipping Detail
Tool used to record information related to the shipping, delivery, and storage of loan documents.
Status Online Tool
Tool you can use to publish loan status updates to a secure website (the Loan Center or WebCenter) for viewing by your borrowers and partners. You can also use this tool to customize the update information for each loan.
Tasks (Loan Tab)
Use the Tasks tool to create, manage, and track the tasks to be completed at each milestone. You can also send alerts to other loan team members to request follow-up actions related to a task.
Tasks List (Contacts Tab)
Accessible on the Contacts tab, the Tasks List lists all loan-related tasks (such as following-up on a home inspection or requesting a credit report). Tasks can include the status, subject, creation time, and due date.
Templates
You can create templates of default data for frequently-used loan scenarios and information. You can also apply one of these predefined template sets when you start a new loan: Loan Programs, Closing Costs, Document Sets, Input From Sets, Task Sets, Data Templates, and Loan Templates Sets.
Trust Account
Tool used to record payments from and receipts into the trust account established for the loan.
Underwriting Summary
Tool used to assemble the key information needed to determine the creditworthiness of the borrower, the value of the subject property, and if the loan should be approved.
User Group
A group of Encompass users who have the same level of access to loan and contact data. User Groups are created using the User Groups tool.
User Profile
The Encompass Administrator sets up a user profile for each user in your organization. The profile contains: name and contact information, User ID and password, loan officer licensing information, assigned personas, Pipeline view, working folder view, and access-level to loan files.
Views (Custom)
When viewing loans on the Pipeline tab and contacts on the Contacts tab, you can control the information that is displayed and how it is displayed. You can then save the configuration as a new custom view and apply the criteria to the data at any time. Customization options include adding or removing columns, changing the column order, sorting the data, and applying search filters.
WebCenter
A website that connects directly to Encompass. Leads and loan applications that borrowers submit from this website flow directly to Encompass. Document requests and loan status updates can be sent to your borrowers via the website as well. You can also use your website to market your company to borrowers and realtors.
Workspace
(Also referred to as the Loan Workspace); When you originate a loan or open an existing loan, the Workspace opens. It is the focal point for tracking, managing, and carrying out loan activities. The Workspace contains two panels: the Left Panel (includes the Log) and the Right Panel.