Ellie Mae announced its newest Encompass360 mortgage management solution, which includes new solutions designed to handle processing issues related to the ability to repay and qualified mortgage rules.
The new addition enables lenders to automatically assess QM eligibility and effectively document QM compliance to investors and regulators.
“Encompass360 users will be able to point to the closed-loop nature of our single, system of record and the advantages that this delivers,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “For example, all critical calculations and assessments for QM and ATR are based on loan file data and no additional keying of data entries is permitted. Likewise, with Encompass360, there is no issue of data synchronization between disparate systems, which reduces the risk of violating the points and fee threshold."
