Ellie Mae Issues New Release of Encompass

Ellie Mae has released version 3.5 of the Standard and Professional Editions of the Encompass Mortgage Management System. Enhancements and upgrades were made that simplify data entry, increase system performance and make it faster for both brokers and bankers to ensure quality and compliance when originating FHA loans.

Some enhancements include a new 'FHA Maximum Mortgage and Cash Needed' worksheet that simplifies calculations of statutory investment requirements, maximum mortgages and actual cash requirements, and a new 'Energy Efficient Mortgage' (EEM) calculation feature. There's also a direct link to the Good Faith Estimate, and a new auto entry button ensures that contract sales prices are accurately entered for a 203(k) loan. Additionally, Encompass user profiles now include a CHUM field, which automatically copies approval codes into the Freddie Mac additional form.

The new version incorporates the addition of two tables as well, designed to enhance efficiency and accuracy in entering data into loan files—mortgage insurance tables and an FHA county limits table.