ComplianceEase Certifies Encompass360 for Fully Compliant Electronic Loan File Delivery to RegulatorConnect System
All Encompass360 loans can be converted to regulator-compatible licensee examination file (LEF) format with just one click
PLEASANTON, CA and BURLINGAME, CA – JANUARY 25, 2011 – Ellie Mae®, the enterprise mortgage origination technology provider for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders, and ComplianceEase®, a leading provider of mortgage compliance and risk management solutions, have announced that ComplianceEase has granted its RegulatorConnect® certification to export capabilities in Ellie Mae’s Encompass360® Mortgage Management Solution. This certification assures that Encompass360 meets state regulators’ standards for fully compatible export of electronic loan data in the licensee examination file (LEF) format.
Beginning in January 2011, state regulatory agencies will begin enforcing the expectation that lenders provide loan portfolio data in LEF format. It is expected that all state regulators will require that lenders provide electronic LEF files for electronic examinations (e-Exams) prior to on-site audit and review. In order to comply, lenders must submit all loan information to state regulators in the LEF format. RegulatorConnect is the examination portal that connects loan information supplied by lenders with the automated compliance system and associated e-Exam software used by state regulators.
Encompass360 offers a complete, fully compatible solution for exporting loan data for delivery via RegulatorConnect, regardless of the compliance solution used on that loan. Users simply select a loan or group of loans from their pipelines and, with a single click, convert loan data into LEF format. The exported loan data can be provided to regulators by uploading the data through the RegulatorConnect website.
“Encompass360 users are free to use any compliance engine they’d like—they can use Encompass Compliance Service, a third party compliance technology like one that is seamlessly integrated into Encompass360 or even a manual compliance process,” said Jonathan Corr, chief strategy officer for Ellie Mae. “How ever our clients choose to conduct compliance screening, Encompass360’s RegulatorConnect certification assures that every loan is submitted in a compatible format. We’re committed to providing our clients with not only the flexibility to conduct their business their way, but also the tools that assure total loan quality. This certification is another demonstration of that commitment.”
“LEF is an industry standard data format that helps enable lenders to use their existing systems to export loans for e-Exams,” said John Vong, president of ComplianceEase. “We’re looking forward to collaborating with our RegulatorConnect-certified technology partners—like Ellie Mae—as the industry embarks upon a paradigm shift from paper to 100% electronic data. These technologies allow lenders to prepare for e-Exams and monitor the compliance of their loans before those loans are submitted to a regulator. This technology makes it easier for lenders to implement best practices and help rebuild trust in the mortgage industry.”
About Ellie Mae
Ellie Mae provides enterprise mortgage origination technology solutions for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders. The company's offerings include the Encompass® and Encompass360® Mortgage Management Solutions, Encompass CenterWise™ websites and electronic document management services, Encompass Closer™ document preparation services, Encompass Compliance Service™, Encompass Product and Pricing Service™ and Encompass Assured GFE™. Ellie Mae also hosts the Ellie Mae Network™ that allows mortgage professionals to conduct electronic business transactions with the lenders and settlement service providers they work with to process and fund loans. Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362.
ComplianceEase, a division of LogicEase Solutions Inc., headquartered in the San Francisco Bay Area, is a premier provider of intelligent business solutions to the financial services industry. ComplianceEase's patented platform includes ComplianceAnalyzer® - the mortgage industry's leading automated compliance solution. ComplianceEase® combines industry and regulatory compliance expertise with innovative technology to power beginning-to-end solutions in a fraction of the time and for a fraction of the cost of traditional approaches, while providing high levels of accuracy and integrity. ComplianceEase's significant and growing client base includes three of the top five mortgage lenders in the nation, financial institutions, service providers, law firms, and regulators. For more information visit ComplianceEase.com or call 1.866.212.Ease.
© 2011 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360®, Encompass Assured GFE™, Encompass CenterWise™, Encompass Closer™, Encompass Compliance Service™, Encompass Product and Pricing Service™, Ellie Mae Network™ and the Ellie Mae logo are trademarks or registered trademarks of Ellie Mae, Inc. or its subsidiaries. Encompass Assured GFE™ is a trademark of Ellie Mae, Inc. in the United States, and a private-labeled service provided by ClosingCorp. All rights reserved. Other company and product names may be trademarks of their respective owners. Products, services and programs are subject to change without notice.
© 2011 ComplianceEase. RegulatorConnect®, ComplianceAnalyzer®, and ComplianceEase® are trademarks and/or registered trademarks of LogicEase Solutions Inc.
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