Feature Enhancements in Version 24.2 September Service Pack
(Broker Edition)
This section discusses the updates and enhancements to existing forms, features, services, or settings that are provided in this release.
Updates to the Encompass Server (i.e., Server Patch 2) and Client Machines (24.2.0.2)
The Encompass 24.2 September Service Pack release includes the following updates. In order for these items to be fully integrated into your Encompass system, both the Server Patch and the client-side update provided with this release must be applied. The Server Patch included with this release is applied to the Encompass Server automatically and cannot be controlled manually via the Encompass Version Manager tool. The client-side update in this release can be controlled manually via the Encompass Version Manager tool. If the tool has been configured to always apply client-side updates to users’ computers automatically, users will receive the client-side updates upon their initial log in of Encompass following the release.
Again, the items listed below will not be fully implemented until both the Server Patch and the client-side updates are applied to your Encompass system.
New Virtual Fields for Disclosure Tracking Informational Dates and IP Address
New Disclosure Tracking attributes (i.e., virtual fields) have been added for enhanced disclosures to capture the date and by whom the review task was viewed from an Encompass Consumer Connect site's borrower portal. This information can then be taken into account if the tracked document (LE, CD, or other) is placed into an Informational collection for tracking the receipt of documents associated with that borrower task.
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Informational Viewed Date
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Informational Completed Date (This date is populated when the borrower clicks the Done button in their borrower portal to indicate they have completed the task.)
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Informational Viewed from IP Address
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Informational Completed from IP Address (This field is populated when the borrower clicks the Done button in their borrower portal to indicate they have completed the task.)
These attributes are provided on the enhanced disclosure logs as shown below. (Enhanced disclosures are disclosures created in the web version of Encompass or through APIs. These new attributes in logs for standard disclosures generated in the desktop version of Encompass will not be populated with this data.)
Updates to the Encompass Client Machines
The Encompass 24.2 September Service Pack release includes the following updates, which will be applied to users' Encompass client machines (24.2.0.2). This client update can be controlled manually via the Encompass Version Manager tool. If the tool has been configured to always apply new releases to users’ computers automatically, users will receive this update upon their initial log in of Encompass following the release.
Update to Monthly Mortgage Insurance Calculation for Conventional ARM Loans with Declining Renewals
An update to the Encompass calculation for monthly mortgage insurance for Conventional ARM loans with declining renewals has been made in this release. This change impacts how the MI amounts are calculated and displayed in the loan’s Amortization Schedule and the RegZ Payment Schedule.
For Conventional ARM loans (regardless of amortization type), Encompass now uses the latest outstanding balance from the end of the previous year to calculate the payment for the next year. Note that fixed rate loans already calculated monthly MI this way, so now conventional ARM loans are using the same calculation.
In previous versions of Encompass, the monthly MI for Conventional ARM loans with declining renewals was calculated using different outstanding balances based on the original note rate and the monthly payment, regardless of the current ARM rate.
This update was made to ensure the monthly MI is calculated correctly and therefore the disclosed finance charge is calculated correctly. This new calculation is the same calculation expected by the Encompass Compliance Service’s (ECS) loan audit reviews, which results in less opportunity for FAIL alerts to trigger in the reviews due to discrepancies between the MI payments in Encompass and ECS.
To indicate declining renewals, select the Declining Renewals checkbox (3248) in the Monthly Mortgage Insurance section of the MIP/PMI/Guarantee Fee Calculation pop-up screen.
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