Ellie Mae's Encompass Title & Closing Center to be Ready for RESPA-TILA
Hundreds of data and workflow enhancements will help lenders comply with new integrated disclosure rule expected to take effect on August 1
PLEASANTON, Calif. – May 6, 2015 – Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced that the Title & Closing Center within its Encompass all-in-one mortgage management solution will be enhanced to support the CFPB’s RESPA-TILA integrated disclosure rule expected to take effect on August 1st. The Encompass Title & Closing Center is leveraged by thousands of users to order and receive title services, fees and closing documents from within Encompass, which is a single system of record that enables banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency.
To help lenders comply with RESPA-TILA, Ellie Mae will expand the breadth of data and enhance the automated workflows within the Encompass Title & Closing Center, which enables clients to access most title companies and title agents as well as order closing documents without having to leave the secure Encompass environment. The enhancements will include approximately 275 new title and recording fields, new borrower and transaction fees and details, and expanded fee reconciliation workflows.
“Our enhancements to the Encompass Title & Closing Center will help ensure that Encompass users will be completely ready for RESPA-TILA in all phases of the mortgage process,” said Jonathan Corr, president & CEO of Ellie Mae. “The new integrated mortgage disclosure rule involves much more than simply changing out old disclosure forms for new ones. Our clients and partners can rest assured that they will have all the tools they need to achieve loan quality, efficiency and compliance when the new rule takes effect,”
The Encompass Title & Closing Center enhancements follow the release of Ellie Mae’s new RESPA-TILA integrated mortgage disclosures solution, designed specifically to comply with the new federal rule. The solution includes new Loan Estimate and Closing Disclosure forms that will be required under RESPA-TILA in addition to new disclosure tracking and fee itemization tools.
Ellie Mae is continuing its efforts to prepare its clients, partners and the industry for the new integrated disclosures through its RESPA-TILA Readiness Initiative. The company’s efforts include online training, RESPA-TILA Interactive Hands-On Workshops being held throughout the U.S., free monthly RESPA-TILA educational webinars, a new AllRegs RESPA-TILA Policy Manual & Readiness Kit, and free online resources via Ellie Mae’s Compliance Central.
This press release contains forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include Ellie Mae’s ability to enhance the Encompass Title & Closing Center. Additional risks and uncertainties related to the Company’s business are discussed in the Company’s Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2013. Unless otherwise required by applicable laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae’s Encompass® all-in-one mortgage management solution provides one system of record that allows banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
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