A mortgage software provider is adding features to its platform that can streamline production of loan documents.
Ellie Mae (ELLI), based in Pleasanton, Calif., said Monday it has bolstered the capabilities of its Encompass360 software with the Encompass Docs Solution, which automates the creation and completion of documents needed to process a loan from initial disclosures through closing.
According to the company, Encompass Docs draws data directly from the information that users of Encompass360 enter into the system. The document software populates forms with the latest information and calculations. Changes to one section of a mortgage application register automatically throughout all documents, according to the company.
The system also can alert users to missing information, inconsistent data and problems with the accuracy of the annual percentage rate, the company said.
"Mortgage finance is a document-intensive process with increased scrutiny on loan quality," Jonas Moe, vice president of product strategy at Ellie Mae, said in a news release. "There are high risks of compliance-related buybacks deriving from improper or incomplete loan documentation."
"We've been using the new Encompass Docs Solution since August 2012 and we've already seen improvements in the amount of time it takes for our closers to draw documents," Marty Richards, director of information technology at First Centennial Mortgage in Aurora, Ill., added in a news release.
Encompass360 is said to automate loan origination, closing, secondary marketing, compliance and most other aspects of the mortgage lending process.