Feature Enhancements in Version 18.4

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Why we made these updates: The objectives for enhancing support for HELOC loans in Encompass include increasing client satisfaction with the HELOC solution by providing configurable, out-of-the-box accurate calculations, delivering improved accuracy and workflow for subordinate financing calculations while also reducing the need for manual work by Encompass users, and maintaining Ellie Mae's position as leader in market compliance.

Enhancements to Support HELOC Loans

Encompass 18.4 HELOC Support Demo

Encompass 18.4 includes the first phase of a larger HELOC product expansion initiative aimed at streamlining the application and underwriting of HELOC loans. In order to support the unique investor requirements for calculating HELOC payments, both initial and qualifying, Encompass now includes a set of configuration options for both, including support to calculate interest-only and amortizing payments on the basis of a selected rate, a fraction of principal balance, or a percentage of principal balance.

Encompass users can now set up unique HELOC product configurations to qualify loan payments according to lender or investor-specific guidelines. New sections have been added to the RegZ-CD, RegZ-LE, Closing RegZ, and RegZ-TIL input forms where users can define separate bases for both the qualifying payment and the initial payment disclosed to the borrower. These new HELOC sections are also available in the Loan Program Templates setting, enabling Encompass administrators to configure Loan Program Templates for each of the HELOC loan scenarios that your company supports, and in the Loan Program Templates pop-up window that is accessible by clicking the Find icon (magnifying glass) next to the Loan Program field on the 2010 and 2015 Itemization forms. Applying a template populates the loan with most of the data needed to calculate HELOC payments. The only additional data required is the initial note rate, initial draw and total line amount.

Beginning with Encompass 18.4, the calculations used for HELOC loans are now configurable. Administrators need to review their existing HELOC loan programs in preparation for these changes to ensure that HELOC loan programs have been configured correctly. In particular, create a Loan Template Set for each significantly different HELOC loan scenario that your company is likely to support. Ideally these templates should be tied to your rate sheets.

View the Working with HELOC Loans guide for more information about managing HELOC loans in Encompass, including recommended best practices, steps to configure HELOC loan templates, and working through specific HELOC loan scenarios. Click here to watch a demonstration of the HELOC support being provided in Encompass 18.4.

Subordinate Financing

To streamline data entry requirements for loans with new and existing financing, Encompass now identifies verification of liability (VOL) records associated with the subject property prior to creating the associated REO Asset record (VOM). Any Mortgage or HELOC liabilities are automatically factored into the related primary and subordinate mortgage totals (field IDs 427, 428, CASASRN.X167, and CASASRN.X168) without requiring additional data entry to synchronize the amounts. Also included in the calculations are any loans linked through the Piggyback Loans tool as well as new fields identifying net new financing (primary, subordinate, or HELOC) from another lender. New, more specific fields are replacing the Additional financing field (field ID 1732) in LTV/CLTV calculations. All this information is now available on the revised Subordinate Mortgage Loan Amounts pop-up window , which serves as a dashboard that provides a comprehensive view of all financing associated with the subject property.

CBIZ-9778

Non-Occupant Co-Borrower Housing Expenses

HMDA Updates

Additional Calculation Updates

Encompass Forms and Tools

Electronic Document Management

Title and Closing Service Updates

Encompass Settings

Encompass Admin Tools

Encompass System Requirements and Performance Enhancements

 

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