PLEASANTON, Calif.--(BUSINESS WIRE)--Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced enhanced workflows with Fannie Mae and Freddie Mac are now available through Ellie Mae’s Encompass® all-in-one mortgage management solution to support the new Uniform Closing Dataset (UCD) ahead of the September 25, 2017 delivery mandate. The UCD is a common industry dataset allowing information on the CFPB’s Closing Disclosure to be communicated electronically. Fannie Mae and Freddie Mac have developed the UCD at the direction of the Federal Housing Finance Agency (FHFA) as part of the Uniform Mortgage Data Program®, an ongoing initiative to enhance loan quality and consistency through uniform loan data standards for the single-family loans the GSEs purchase.
The integration with Fannie Mae’s UCD collection solution through Encompass helps drive efficiency by offering flexible options for delivering the UCD file at multiple points in the business process, featuring data quality and eligibility checks. Fannie Mae has also enabled non-seller correspondent lenders to access these checks by submitting UCD files directly on behalf of their aggregators.
- Aug 26, 2020 View new features, enhancements, and fixed issues in Encompass releases Quick Reference Guides One-page, easy-to-follow workflows of common tasks & processes in Encompass.
- The integration of Loan Quality Advisor, Freddie Mac’s risk and loan eligibility assessment tool, into Ellie Mae’s Encompass allows its customers to originate loans within Freddie Mac.
- Encompass Users: Supply your company's client ID in addition to your Encompass username and password. If you do not have a username and password, please contact your company's Encompass administrator. Non-Encompass Users: Supply the Ellie Mae Resource Center credentials that have been provided to you.
“Having this capability in place several months ahead of the required date means our lenders who use Encompass have transition time to incorporate the new closing data submission into their processes,” commented Henry Cason, Fannie Mae’s SVP and Head of Digital Products. “Fannie Mae appreciates Ellie Mae’s collaboration on this important work to support our joint customers.”
Ellie Mae’s Encompass also includes integration with Freddie Mac Loan Closing AdvisorSM to give lenders confidence that their closing data meets the UCD data quality, calculations and eligibility checks prior to loan delivery. Loan Closing Advisor provides actionable feedback messages to help Freddie Mac sellers and their correspondents identify and resolve closing data defects before they close the loan.
“Lenders can think of this as an early warning system that brings new efficiency to the closing process,” said Andy Higginbotham, Senior Vice President and head of Strategic Delivery for Freddie Mac’s Single-Family Business. “We are testing against the UCD specification for completeness, validity, data consistency, calculation accuracy and purchase eligibility. That helps lenders identify and correct errors, which gives them confidence that their closing data aligns with the UCD standards.”
Ellie Mae’s Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage.
Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, announced today new functionality for Encompass L. In September 2013, Ellie Mae introduced the updated mortgage-management system Encompass360 to help underwriters comply with the latest federal mortgage rules in beginning in 2014. This system features debt-to-income calculators, discount assessment, and tools for evaluating a given loan's quality.
“As lenders prepare for the new Uniform Closing Dataset mandate this fall, Ellie Mae is providing customers with innovative solutions and seamless workflow to improve quality and compliance,” said Joe Tyrrell, executive vice president at Ellie Mae. “By offering these capabilities well ahead of the September deadline, our lenders have time to prepare, understand new data and timing requirements and train staff on how to submit UCD files directly through our Encompass solution.”
For more information, view the complimentary webinars designed to help lenders prepare for both Fannie Mae’s UCD collection solution and Freddie Mac’s Loan Closing Advisor.
About Ellie Mae:
Ellie Mae Encompass For Mac Download
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call 877.355.4362 to learn more.
About Fannie Mae:
Fannie Mae is focused on advancing a sustainable and reliable business model that reduces risk to the housing finance system and taxpayers; providing reliable, large-scale access to affordable mortgage credit for qualified borrowers and helping struggling homeowners; and serving customer needs and improving our business efficiency. We are setting responsible standards for the mortgage industry, paying dividend payments to Treasury, and helping homeowners facing hardship keep their homes or avoid foreclosure. For more information, visit www.fanniemae.com.
Fannie Mae's Integration Platform: The new business-to-business integration platform provides a simple, reliable, and efficient way to connect to Fannie Mae's technology solutions. By enabling a seamless integration process, the platform is intended to eventually centralize all direct interfaces to our applications. The UCD collection solution is the first available solution on the platform; since September 2016, lenders and technology solution providers have been able to test and deliver the UCD XML file, in preparation for the September 25, 2017 UCD mandate. Learn more on Fannie Mae's UCD page.
About Freddie Mac:
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for approximately one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog.
Freddie Mac Loan Advisor Suite(SM): Freddie Mac Loan Advisor Suite(SM) is a new smart, end-to-end technology solution designed to provide lenders with greater certainty and insight into the purchase eligibility of their loans throughout the loan production process. By providing automation and transparency in the loan production process, Loan Advisor Suite assesses credit, capacity and collateral to help lenders validate the quality of the loans they originate. The tools cover the entire loan lifecycle from loan application to closing and beyond; they're available together in a central Web portal accessed via single sign-on or through many technology solution providers. More information is available at www.freddiemac.com/loanadvisorsuite.
© 2017 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.
Ellie Mae has announced that it will integrate Freddie Mac’s Loan Product Advisor into Ellie Mae’s Encompass all-in-one mortgage management solution this summer in conjunction with Freddie Mac’s phased rollout of their Loan Advisor Suite. The Loan Advisor Suite is designed to give Freddie Mac customers quick access to loan data and Freddie Mac’s full array of loan production and delivery tools through a single sign-on portal and/or their loan origination system. Loan Product Advisor, the next generation of Loan Prospector, is the cornerstone of the Loan Advisor Suite. The integration of Loan Product Advisor into Ellie Mae’s Encompass as soon as it is released by Freddie Mac will allow Ellie Mae customers to originate loans within Freddie Mac guidelines more easily and with greater certainty, taking immediate advantage of the new features Freddie Mac is bringing to market.
“We are very pleased with the progress we’ve made so far with Ellie Mae and are looking forward to the enhancements to Encompass coming this summer,” said Andy Higginbotham, SVP of Single-Family Strategic Delivery at Freddie Mac. “Having Encompass tightly integrated with our industry leading Loan Advisor Suite will bring greater certainty and significant operational efficiencies to our lender customers.”
Ellie Mae’s Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage. Encompass is used by more than 180,000 contracted and thousands of lenders and partners, including seven of the 25 largest U.S. mortgage lenders.
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“At Ellie Mae, our mission is to provide our lenders with innovative solutions that improve their efficiency at every step in the mortgage process,” said Joe Tyrrell, EVP of Ellie Mae. “By working alongside Freddie Mac to improve the way lenders work with their Loan Product Advisor through Encompass we can offer our customers a better and more streamlined process, making it easier for them to do business with Freddie Mac.”