New Features & Forms in Version 20.1

New fields with new field IDs have been created for the following data to use for correspondent lender compliance reviews that are performed in Encompass LO Connect. The new fields are for use on correspondent lender custom forms and do not replace any fields currently existing on Encompass input forms (i.e., fields LE2.XLC, CD2.XSTLC, and VASUMM.X128).

(Updated on 2/28/2020)

Fields have been added to capture valuation data used by correspondent lenders. These fields are not visible on existing Encompass forms, but can be added to custom input forms and are available in the Encompass Reporting Database.

• A total of 72 loan-level appraisal, EarlyCheck, and Valuation fields have been added to capture the appraisal, AVM, or Fannie Mae EarlyCheck loan-level values for valuation data for the subject property.

• Corresponding sets of repeatable fields have been added to record the same type of data captured in the 72 appraisal, EarlyCheck, and Valuation loan-level fields. These fields are used to record data for multiple appraisal, AVM, or Fannie Mae EarlyCheck records.

  Repeatable fields enable the retention of multiple records for the same loan. Loan-level fields record the value used in the loan for correspondent lending purposes for each of the different sets of repeatable fields. For example, the Appraised Value on three different appraisal reports is recorded in the repeatable fields. After reviewing several appraisal reports, a correspondent lender can enter the appropriate loan-level appraisal value to use in the loan for the subject property for correspondent lending purposes.

  A standard naming convention is used to assign a field ID to each of the repeatable fields. The field ID includes a component that identifies it as an appraisal/AVM field (VAL) or an EarlyCheck field (EC), followed by a set of two digits associated with the individual record and a final set of two digits that identify the specific field.

  Example: The generic field ID for an Appraisal/AVM field is VAL0011.

  • The first three letters in the field ID identity the field as an appraisal/AVM field: VAL0011

  • The middle two digits in the field ID identify the number of the record: VAL0011

  • The last two digits in the field ID identify the specific appraisal/AVM field: VAL0011

    The table below provides examples of how repeatable field IDs are applied in multiple records.

    	Correspondent Appraised Value	Correspondent AVM Confidence Score
    Generic field ID	VAL0011	VAL0020
    First record	VAL0111	VAL0120
    Second record	VAL0211	VAL0220
    Third record	VAL0311	VAL0320

Additionally, the following fields have been added for correspondent lending purposes:

• A new Correspondent Appraisers Valuation Method field (field ID VAL0018) has been created to allow correspondent lenders to use OCR to determine whether a vendor document contains appraisal or automated valuation model (AVM) data. The correspondent lender can then set up a business rule to display the appropriate appraisal or AVM fields on a custom input form.

• Fourteen new fields have been added to record loan-level values in the three categories listed below. These fields are not visible on existing Encompass forms, but can be added to custom input forms:

  • First Payment Letter – 10 fields for insurance, tax, HOA, and PMI/MIP amounts (field IDs CORRESPONDENT.X390-CORRESPONDENT.X399).

  • Government Updates – Initial Recoupment Form Provided date (field ID VASUMM.X135) and Final Recoupment Form Provided date (field ID VASUMM.X136).

  • Additional Application Data – Eligibility Package Submission Date (field ID TPO.X113) and Complete Loan Package Submission Date (field ID TPO.X114).

• A new USDA One Time Close checkbox has been added to the Government custom input form in the USDA section. This is a standalone checkbox that does not affect any other fields or calculations in Encompass. This checkbox is not visible on existing Encompass forms, but can be added to custom input forms.

New fields have been created for purposes of correspondent compliance reviews that are performed in Encompass LO Connect. These fields do not display on existing Encompass input forms but can be added to custom input forms and then populated with data collected from documents for side-by-side comparisons. The new fields contain the same data and data formatting used in existing Encompass fields, but have been assigned the following new field IDs specifically for use with correspondent compliance reviews that are performed in Encompass LO Connect:

• CORRESPONDENT.X1 through CORRESPONDENT.X52

• CORRESPONDENT.X57 through CORRESPONDENT.X62

New fields used for the correspondent reviews and purchase process have been added to Encompass. These fields do not display on existing Encompass input forms but can be added to custom input forms and then populated with data collected from documents for side-by-side comparisons The Encompass field IDs for the new fields are CORRESPONDENT.X70 through CORRESPONDENT.X361.

Three new loan fields have been created to capture the monthly amounts due for County Taxes (field ID CORRESPONDENT.X383), School Taxes (field ID CORRESPONDENT.X384), and Other Taxes (field ID CORRESPONDENT.X385) from the First Payment Letter. These fields do not display on existing Encompass input forms but can be added to custom input forms and then populated with data collected from documents for side-by-side comparisons of monthly tax amounts from the First Payment Letter and existing tax amounts in the loan file.

(Added on 2/28/2020)

A new field for entering the Correspondent Additional Insurance Coverage Amount (field ID CORRESPONDENT.X149) has been added to Encompass to enable correspondent lenders to enter the additional insurance amount from other loan documents so it can be used in a side-by-side comparison with loan data. This field is not visible on existing Encompass forms, but can be added to custom input forms and are available in the Encompass Reporting Database.

New fields have been added to capture the method used to deliver the Loan Estimate and Closing Disclosure output forms to the borrower and co-borrower to enable correspondent lenders to estimate the date when borrowers received the disclosures:

• LE Delivery Method to Borrower (field ID CORRESPONDENT.X386)

• LE Delivery Method to Co-Borrower (field ID CORRESPONDENT.X387)

• CD Delivery Method to Borrower (field ID CORRESPONDENT.X388)

• CD Delivery Method to Co-Borrower (field ID CORRESPONDENT.X389)

These fields do not display on existing Encompass input forms but can be added to custom input forms.

New fields have been created to record data for Riders received for the Note or Security Instrument and can be populated with data collected from loan documents for side-by-side comparison with loan data. These fields do not display on existing Encompass input forms but can be added to custom input forms:

• Name (field ID RIDER0001) – Text entry field

• Required (field ID RIDER0002) – checkbox

• Received (field ID RIDER0003) – checkbox

• Date (field ID RIDER0004) – Date field

These fields are repeatable fields that can be used to record data for multiple riders associated with the loan. A standard naming convention is used to assign a field ID to each of these fields. The field ID includes a common component that identifies it as a Rider field (RIDER), followed by two digits associated with the individual record and a final set of two digits that identify the specific field.

Example: The generic field ID for the rider Name field is RIDER0001.

• The first five letters in the field ID identity the field as a Rider field: RIDER0001

• The middle two digits in the field ID identify the number of the record: RIDER0001

• The last two digits in the field ID identify the specific rider field: RIDER0001

The table below provides examples of how repeatable field IDS are applied in multiple records.

Watch a Video About These New Fields!

Four new fields have been added to the Correspondent Purchase Advice Form tool to enter details of payouts made to the lender. These fields are used to calculate the total value of the loan to the investor. The fields have been added on the Purchase Advice tab in two lines at the bottom of the free entry fields in the Purchase Details section.

Each line includes a fee description field (field IDs CORRESPONDENT.X63 and CORRESPONDENT.X65) and an amount field (field IDs CORRESPONDENT.X64 and CORRESPONDENT.X66) that can be used to enter amounts with two decimal places. The new amount fields are included in the calculation for the Total Fees (field ID 4192) on the Correspondent Purchase Advice Form tool.

The fees are populated automatically based on the fees configured in the TPO Fees setting in Encompass after the pricing has been locked or by clicking the Update Fees button on the Correspondent Purchase Advice Form tool. Fees can be overwritten by entering descriptions manually or selecting options from the dropdown lists, which are populated based on the configuration in the Purchase Advice Form setting.