Encompass 21.3 Release Notes - Broker Edition

These are the release notes for the Encompass 21.3 Major Release. They include a high-level overview of new features, feature and form enhancements, and fixed issues, followed by more detailed information and instructions where appropriate.

Refer to the online help and the Guides & Documents page for additional information and related documents.

This Encompass 21.3 Major Release will be applied to your users' computers automatically and cannot be controlled manually via the Encompass Version Manager tool. Users will receive the update upon their initial log in of Encompass following the release.

Please refer to the Major Release announcement you received from Ellie Mae for the planned release date. You can review these announcements on your My Messages page in the Resource Center. (Click here for more information.)

What's in This Release

• Support for 0% Interest Loans and Simple Interest Amortization - Encompass now supports simple interest amortization for closed end loans, (including calculations updates to handle simple interest payment schedules and simple Interest P&I payment) and 0% interest payment loans for lenders originating down payment assistance loans for affordable housing.

• Home Equity and HELOC Loans - Encompass now supports HELOCs and closed-end home equity loans (HELoans) using the URLA 2020 forms.

• New Alert: General QM Price Limit Exceeded - A new General QM Price Limit Exceeded alert is now provided in Encompass Settings. This alert is set up by default to trigger when the loan pricing exceeds the limit for General Qualified Mortgage (QM) and the Use Price-Based General QM option (field ID QM.X383) is used.