Encompass Compliance Service FAQ
What’s the difference between this new service and other compliance services?
The Encompass Compliance Service is powered by Mavent technology, which is used by some of the nation’s largest financial institutions to help them manage compliance risks. In addition to using sophisticated technology, the Encompass Compliance Service stands apart for its comprehensiveness and ease of use.
The service runs compliance checks at multiple points in the origination process—with no change to the per-file fee—and it’s built into the workflow process of the originators. You choose the milestones at which to run reviews, starting as early in the process and checking as many times as you like, and the service will run automatically. There’s no need to train additional staff or make any change to your business process. Since the service is automated throughout the process, the checks are consistent from step to step and you lessen the risk of the variations possible with a manual review. And if a problem is found, the data in question is clearly highlighted so your staff knows what to fix.
How do I know the service has checked for all necessary regulations?
Our staff of compliance attorneys maintains the service and it’s also reviewed by outside counsel. Reviews in the standard service include: Federal Truth in Lending Act Tolerance Tests, Federal (HOEPA), State, and Local High Cost Threshold Reviews, Fannie Mae Points & Fees and “HUD-HOEPA” Mortgage Threshold Reviews and Higher Priced Mortgage Review. The Premium Service includes all of that plus State Consumer Credit Law Review and Home Mortgage Disclosure Act (HMDA) Review. The Custom Service includes Licensing Tests and CRA in addition to the Standard and Premium Reviews.
Where does Ellie Mae get its regulatory compliance information?
The Encompass Compliance Service is maintained by a staff of Ellie Mae compliance attorneys and reviewed by outside counsel.
Is this the only way to do compliance checks in Encompass360?
No. We have a variety of fraud and compliance vendors available on the Ellie Mae Network including: ComplianceEase, AppIntelligence, LoanShield TruApp, ScreeningOne, PCi Wiz Sentinel and Sysdome ELR InterActive, Bankruptcy, E-SafeCheck, SSN Death Master and TP Review.
What’s included in the service?
The Encompass Compliance Service has a standard package, premium package or custom package. Click here to see a comparison of the three options.
How do I sign up for and set up the service?
You can sign up for the service and review package and pricing options in Encompass360. The system administrator can do this by going the Settings tab » License Management » Compliance Review. A set-up wizard will walk you through the process. If you need help, check our Encompass360 help system or the online Knowledge Base on the Resource Center for detailed instructions.
Is there just a one-time fee?
You will be charged per loan file and can either set up the service to only run when you initiate it or to run automatically for all loan files. Unlimited checks are included in the per-file fee so you can set checks to run throughout the loan process, at as many milestones as you wish.
Do I need to activate the compliance check each time?
It depends on how you set up the service. If you choose to automate the service for all loans, it will automatically run at the milestones you’ve selected during the setup process. If you chose to manually implement the service, you will need to activate each time you want to check a loan. You can do this by going to the Compliance tool and clicking the Order button.
Who can sign up for the service?
Sign up can be completed by your company’s Encompass360 system administrator. The Encompass Compliance Service is also included in our closed loan pricing model. If your company is on this model, you can sign up when you sign the master agreement.
