Ellie Mae (ELLI) has upgraded its mortgage management system.
The new version of the Encompass360 application includes over 200 new features, the software company said Tuesday. Among them are upgrades to the system for managing payments to loan originators, expanded e-signature capabilities, improvements to the system for tracking loans and upgraded investor guidelines and eligibility rules.
The update to the loan-originator compensation plan is intended to keep ahead of the Consumer Financial Protection Bureau's January 2014 deadline for new rules on compensation. The upgrade lets lenders track multiple compensation plans and automatically apply plans from third-party originators.
"Loan-originator compensation continues to be a huge concern for both retail and wholesale lenders, and it looms even larger now with the June 1, 2013 effective date and January 2014 deadline for the new CFPB rules," Jonathan Corr, president and chief operating officer of Ellie Mae, said in a news release. "Ellie Mae's Encompass360 Spring Release includes sophisticated functionality to test for compliance, drive and monitor compensation plans and provide an audit trail for regulators, as well as many additional enhancements to help lenders improve loan quality and efficiency."