Upcoming changes to single-family data reporting and delivery have been addressed by providers of loan origination systems.
The top LOS among the nation’s banking institutions is
Encompass from Pleasanton, California-based Ellie Mae Inc.
Next was D+H’s Mortgagebot, Harland’s Laser Pro, Wolters Kluwer’s Compliance One and Calyx Software’s Calyx Point.
The American Bankers Associations revealed the LOS preferences in its 24th Annual ABA Residential Real Estate Survey Report. There were 159 banks that participated in the survey.
A new version of a return-on-investment study of Encompass by MarketWise Advisors LLC found a potential ROI of $1,331 per closed loan.
“The increase was attributable to increased productivity, level of feature/function use, and the application of advanced workflow and audit rules that streamline processes.” Ellie Mae, which commissioned the study, said in a statement. “Overall, participants realized an ROI of 697 percent of investment in Ellie Mae solutions, or nearly seven dollars in expected return for each dollar invested.”
Enhanced workflows with Fannie Mae and Freddie Mac through Encompass support the new Uniform Closing Dataset, or UCD, ahead of the Sept. 25 delivery mandate, Ellie said on May 1.
“Having this capability in place several months ahead of the required date means our lenders who use Encompass have transition time to incorporate the new closing data submission into their processes,” Fannie Mae Senior Vice President and Head of Digital Products Henry Cason was quote as saying.
Encompass 17.2 is packed with readiness initiatives ahead of the expanded data collection requirements from the Consumer Financial Protection Bureau’s final rule for the Home Mortgage Disclosure Act. Applications taken during 2018 are impacted.
Ellie, a Mortgage Daily advertiser, said earlier this month that it is holding an
Encompass Summer Training Series in Chicago; Dallas; Irvine, California; and Washington from June 19 through July 21.
Integrations recently announced with Encompass include one with Wells Fargo Funding that will give its clients the ability to avoid providing the funding loan submission summary — or LSS — form when using Ellie’s data and document delivery service. Others have CBCInnovis, Credit Plus and Factual Data becoming vendors for Encompass Consumer Connect.
A new version of 7.0
LoanSphere Empower includes expanded HMDA support, Black Knight Financial Services announced on May 10. Data include borrower demographic information, loan costs, automated underwriting system evaluation information and property information. Also included are the Legal Entity Identifier and Universal Loan Identifier.
On April 20, Black Knight announced that a new representational state transfer application program interface framework enables lenders to provide digital capabilities to consumers and originators. It gives them the ability to interact with Empower data and other LOS capabilities.
Recent integrations into Empower
LOS were announced for FormFree, Lender Price and Solex.
LendingQB has become the exclusive LOS partner with The Mortgage Collaborative, a May 18 statement said. Technology and operational expertise was cited as why LendingQB was chosen.
SimpleNexus’ mobile lending applications were integrated into LendingQB’s LOS, a May 15 statement said.
An agreement between Mortgage Cadence and FirstClose will enable third-party service providers to integrate their services into Mortgage Cadence’s existing end-to-end loan origination product suite more quickly, an April 20 statement said.
Last month, MCT completed an integration with PCLender’s LOS — enabling seamless transmission of critical hedge pipeline data.
Atlantic Coast Mortgage has gone with RV Exchange, ReverseVision announced on April 4.
The software will support Atlantic Coast’s new home-equity conversion mortgage division.
