Encompass Glossary

 

ClosedAddress Book

ClosedAlert

ClosedAlerts & Messages Tab

ClosedAmortization Schedule

ClosedAudit Trail

ClosedBorrower Contact

Your borrowers or potential borrowers.

ClosedBroker Check Calculation

Tool used to calculate the total fee to be paid to the broker.

ClosedBusiness Contacts 

Vendors or partners with whom you do business.

ClosedBusiness 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.

ClosedBusiness 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.

ClosedCampaign 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.

ClosedCash-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.

ClosedCo-Mortgagers

Tool used to manage the co-mortgagers and co-borrowers associated with a loan.

ClosedContact 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.

ClosedConversation Log

Used to track interactions with the borrower, service providers, and other contacts related to the loan.

ClosedCustom Views 

ClosedDashboard

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.

ClosedDebt Consolidation

Tool used with a refinanced loan to consolidate a prospective borrower's liabilities and optimize the potential monthly savings.

ClosedDisclosure 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.

ClosedDocument Details 

Window used to review attached documents and compare them with data in the loan file.

ClosedeDisclosure

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.

ClosedeDisclosure 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).)

ClosedeFolder

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).

ClosedElectronic 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.

ClosedEncompass 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.

ClosedEncompass 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).

ClosedICE Mortgage Technology Partner Network

A transaction platform that allows you to order services and connect to online service providers from directly within Encompass.

ClosedFHA 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.

ClosedFile Contacts

Tool containing the contacts and service providers associated with a loan.

ClosedFunding Balancing Worksheet

Displays debits (funds coming into a transaction) and credits (funds flowing out of the transaction)

ClosedFunding Worksheet

Tool used to record information related to the disbursement of the loan funds and to calculate the amount of the wire transfer.

ClosedInstant Messenger 

Use the Instant Messenger to send instant messages to other users who are logged in to Encompass.

ClosedInterim Servicing Worksheet

Tool used to view and manage interim loan payments and escrow disbursements.

ClosedLead Center

Accessible on the Contacts tab, it is used to register with real-time lead providers and import leads directly into the Contacts tab.

ClosedLeft 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. 

ClosedLicensed Add-On

Encompass features or products that require a current license to use: Electronic Document Management, Encompass Consumer Connect

ClosedLoan 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.

ClosedLoan Custom Fields

Tool used to create an unlimited number of loan fields to meet the specific requirements of your business.

ClosedLoan Team Member

A loan team member is any person who fulfills a role during the processing of a loan.

ClosedLoan 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.

ClosedLoan Trades 

Encompass module used to create, manage, and track bulk loan trades.

ClosedLock Request Form

Form used to submit a rate lock request to the lock desk.

ClosedLog

ClosedLog 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.

ClosedLog Viewer

Used to view the message log and set the number of messages you want saved to the Log.

ClosedMaster 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.

ClosedMilestone

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.

ClosedMilestone Worksheet

Used to record activities and the completion of tasks associated with each milestone.

ClosedMDIA

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.

ClosedPassword 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.

ClosedPersona

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).

ClosedPiggyback 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.

ClosedPipeline

ClosedPlan 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.

ClosedPost-Closing Condition Tracking

Available on the eFolder, it is used to create and track the post-closing conditions for a loan file.

ClosedPrequalification

Used with prospective borrowers to compare the qualifying ratios and requirements of different loan programs with borrower ratios.

ClosedProfit Management

Tool used to calculate the gross profit, commissions, and the net profit of a completed loan.

ClosedPurchase 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.

ClosedRent vs. Own

Tool used with prospective borrowers to determine if owning a home is beneficial when compared with renting.

ClosedResources

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.

ClosedRight 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.

ClosedRESPA

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.

ClosedRESPA-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.

ClosedRole

ClosedSecondary Registration

Tool used to receive rate lock requests, enter investor details and pricing information, and lock the loan rate.

ClosedSecure Form Transfer

Tool used to securely send loan forms to the borrower and other appropriate individuals.

ClosedSelf-Paid License

Encompass licenses paid for by the user, separate from licenses purchased by the company.

ClosedShipping Detail

Tool used to record information related to the shipping, delivery, and storage of loan documents.

ClosedStatus 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.

ClosedTasks (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.

ClosedTasks 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.

ClosedTemplates

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.

ClosedTrust Account

Tool used to record payments from and receipts into the trust account established for the loan.

ClosedUnderwriting 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.

ClosedUser 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.

ClosedUser 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.

ClosedViews (Custom)  

ClosedWebCenter

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.

ClosedWorkspace 

(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.