Ellie Mae Announces HMDA Readiness Initiatives
Enhancements to Encompass 17.2 along with tools, resources and training clients prepare for upcoming collection and reporting changes
PLEASANTON, Calif. – April 17, 2017 – Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today a complete offering of readiness initiatives in advance of the 2018 Home Mortgage Disclosure Act and Regulation C (HMDA) collection and reporting changes. With the release of Encompass 17.2, lenders now have access to begin testing their updated processes for compliance with the upcoming changes in reporting. In addition to enhancements to Ellie Mae’s Encompass all-in-one mortgage management solution, Ellie Mae is offering a number of tools and resources to help clients prepare and train internal teams.
HMDA and Regulation C were created and implemented to require public disclosure of information that illustrates whether or not mortgage lenders are serving the housing needs of their local communities. This information helps public officials better distribute public-sector investments so they attract private investments to areas where it’s needed the most. Just as important, they mandate data collection and disclosure on application and borrower characteristics to help pinpoint potentially discriminatory lending practices for further review.
“As the industry leader in mortgage compliance, we’re taking the lead in implementing and delivering solutions for lenders in support of the regulations impacting their business,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “In advance of the 2018 HMDA changes, Ellie Mae is providing the technology, information and resources for our banks, credit unions and lenders to ensure that they have time to educate and prepare.”
The following offerings are available:
Encompass 17.2 Enhancements: Announced earlier today, Encompass 17.2 enables collection of the new data set required for loans with a final disposition in 2018 and beyond in a single system of record. A HMDA LAR Loan Application Register) compliant with the new guidelines published in the CFPB rule is featured in the solution, as well as substantial automation to reduce lender processing time and risk in creating their reports. Also included is the optional expanded Demographic Information Addendum.
HMDA Webinar - Are You Ready?: On Tuesday, April 18th at 11:00am PT/ 2:00pm ET, Ellie Mae will host a webinar with HMDA compliance and CFPB experts to discuss the updated regulation. Attendees will gain insight on the impact, learn about specific aspects of the change and understand what organizations need to do today for the 2018 updates. To register, click: http://engage.elliemae.com/hmda_ready_lp?medium=pr
HMDA: The New Frontier of Reporting Whitepaper: Download to understand what’s changing and how to ensure continued compliance success.
Brief on Upcoming HMDA Changes: A quick and essential primer on how to prepare and what Ellie Mae is doing to get lenders ready.
HMDA Compliance Training: Ellie Mae offers complete education solutions including an online learning management system (LMS). Course content includes course work on the practical application of HMDA which provides a functional understanding of the Home Mortgage Disclosure Act and Reg. C.
For more information about HMDA changes, how Ellie Mae is supporting regulation, FAQs and more, visit Compliance Central at http://elliemae.com/resources/compliance-central#hmda
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call 877.355.4362 to learn more.
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