Encompass 23.1 Release Notes - Broker Edition

What's in This Release

Highlights of this release include the following:

• New Section F Added to the VA Loan Analysis Input Form - A new Section F – Disposition of Application and Underwriter Certification has been added to the 26-6393 VA Loan Analysis input form.

• Updates to the VA 26-1805 Reasonable Value Input Form - To make the VA 26-1805 Reasonable Value input form consistent with the output form, the layout of the input form has been revised and organized into six sections. Two existing fields have been updated, and 21 new fields have been added.

• Updates to Input Forms to Clearly Identify Transfer Tax Line Items - On the 2015 Itemization input form, the labels for line items 1204 and 1205 have both been changed to Transfer Tax and new City/County/Stamps and State Tax/Stamps dropdown lists are provided for line 1204 and 1205, respectively.

• Ability to Waive Escrow for Mortgage Insurance - Lenders now can waive escrow for mortgage insurance payments for a loan. Previously mortgage insurance payments were always escrowed by default and could not be waived. To support this update, changes have been made to the escrow workflow and a new Escrowed checkbox has been added to the following input forms: 2015 Itemization, Aggregate Escrow Setup, and Closing Disclosure Page 4.

• Updates to the HELOC Minimum Payment and Worst-Case Payment Schedules - Updates have been made to the Minimum Payment Schedule and Worst-Case Payment Schedule calculations for adjustable rate HELOCs to ensure that the rate does not drop lower than the ARM Floor (field ID 1699) or go higher than the Max Allowable APR (field ID 1893).

• Permanent Financing Loan Created from a Construction-Only Loan No Longer Treated as Subordinate - When creating a construction-only loan and then creating a linked construction-permanent loan, the permanent financing loan is no longer treated as a subordinate loan for the construction-only loan. This scenario occurs when the Construction checkbox (field ID 19) and Construction Perm Disclosed Separately (field ID 4084) checkboxes are selected on the Loan Info tab on the Construction Management input form, and the clicking the New Perm button on the Linked Loans tab.

• Updated Logic for the HMDA Loan Term Field for Biweekly Loans - Updates have been made to the logic for the HMDA Loan Term (field ID HMDA.X83) to include biweekly loans and to ensure that the HMDA Loan Term field is never populated with a blank value. These updates apply to loans with a Reverse Mortgage field (field ID HMDA.X56) that is either blank or populated with a value other than Reverse Mortgage.

• Access Encompass Consumer Connect Admin Portal from Encompass Home Page - From the Encompass Home page, Encompass WebCenter and Loan Center users with persona access can now click the Manage your Consumer Connect Portal link to access their Encompass Consumer Connect Admin portal (i.e., the Consumer Connect Admin page). There WebCenter and Loan Center administrators can set up and manage a Consumer Connect Basic website, and users can look up borrowers and review website statistics.