Encompass 19.3 Release Notes

What's in This Release

• Support for New Version of URLA - The Encompass 19.3 release includes support for a redesigned version of the Uniform Residential Loan Application (URLA), also known as the Fannie Mae 1003 or the Freddie Mac Form 65, which is replacing the 2009 version of the URLA effective February 1, 2020. New input forms and fields have been added to Encompass and existing input forms have been updated to accommodate the changes required to generate the revised URLA. The new URLA features are available in 19.3 and are recommended for use in test environments. Your company’s operations and delivery teams can control the rollout of the new URLA features per your investor guidelines and can control the Encompass users with access to the new URLA features. Existing loans in your Encompass Pipeline are not affected and maintain their current URLA data format unless your company purposefully converts existing loans to the new URLA data format. A new Persona control has been added (Change URLA Form Version). Administrators are recommended to review the new persona options and ensure access is provided only to staff performing initial URLA pilot testing in the appropriate environment.

• Additional HELOC Support - New and enhanced features have been added to provide additional support for configuring and originating HELOC loans in the Encompass Digital Mortgage Platform. A new HELOC Management input form provides additional support for configuring HELOC loan programs and for generating the language used on the new standard HELOC Important Terms Disclosure and HELOC Agreement documents. The data on the input form drives the configuration and calculations needed to automatically generate the required documents driven by your company’s credit policy and product options for the selected HELOC program. This includes the generation of a payment schedule for a hypothetical $10,000 balance on a HELOC loan using the proposed loan terms and historical index values. New data fields that were added to the HELOC Management form have also been added to the Loan Program Template setting to enable loan programs for various HELOC scenarios to be applied to the HELOC Management input form. A new option has also been added to the HELOC Tables setting to create dynamic historical index tables used when disclosing HELOC terms. Most of the data fields can also be dynamically populated on the loan level using the Encompass Dynamic Data Management solution.

• Temporary Buydown Support Enhancements:

  • A new Temporary Buydown settings tool is now provided in Encompass Settings that enables administrators and authorized users to create temporary buydown types (that contain specific rate percentages and terms (in months)). Authorized loan team members can then select from a list of these buydown types and apply one to the loan they are working on. The loan team members will select a buydown type from the new Buydown Type field that is now provided in the Buydown Mortgage section of the RegZ-LE and RegZ-CD input forms. The Buydown Type field includes a lookup ability that users can utilize to select a Temporary Buydown type that is created using this setting.
  • New Temporary Buydown fields have been added to the Lock Request Form to enable users to indicate the Buydown Contributor, Buydown Type, and Buydown Rate/Terms on a loan for a lock request.

Attention Encompass Administrators!

The following Encompass 19.3 features may require additional action by the Encompass administrator. For example, by configuring or adjusting options in the Encompass settings, or reviewing and revising existing business rules affected by the new features. Please review these features to determine whether updates are required for your Encompass settings or business rules.

• Support for New URLA - With the introduction of the new URLA forms in Encompass 19.3, administrators can control user access to the new forms and features. It is recommended to review the new persona access options and ensure access is provided only for staff performing initial URLA pilot testing in the appropriate environment. Administrators can also use a new setting in Encompass Admin Tools to set the date when the new URLA forms will be used by default for all new loans started on or after that date. Refer to the URLA Support page for more information and resources.

  • Encompass Administrator Checklist - Checklist of Encompass settings that the administrator can follow as they review their company configurations and adjust the highlighted settings to support the policies and procedures they use when working with the 1003 URLA. Note that this checklist includes settings available in Encompass Banker Edition only.

• Additional HELOC Support - New and enhanced features have been added to provide additional support for configuring and originating HELOC loans in the Encompass Digital Mortgage Platform. New data fields added to the new HELOC Management form have also been added to the Loan Program Template setting to enable loan programs for various HELOC scenarios to be applied to the HELOC Management input form. A new option has also been added to the HELOC Tables setting to create dynamic historical index tables used when disclosing HELOC terms. Most of the data fields can also be dynamically populated on the loan level using the Encompass Dynamic Data Management solution. Refer to the Working with HELOC Loans guide for more information and resources.

• Temporary Buydown Support Enhancements - A new Temporary Buydown settings tool is now provided in Encompass Settings that enables administrators and authorized users to create temporary buydown types (that contain specific rate percentages and terms (in months). Authorized loan team members can then select from a list of these buydown types and apply one to the loan they are working on.

• Fixed Issues - Refer to the Fixed Issues page for information about issues with Dynamic Data Management rules, Organization Hierarchy and Standard Print Forms that have been addressed.

• Refer to the Encompass Field List for a complete list of input form fields in Encompass. New fields added in Encompass 19.3 are indicated in the New Fields in 19.3.x.x column.