Encompass 360 Business rules are lists of logical statements that define the behavior and operation of a loan process. Business rules are handled by both the admin and customization teams. Standard basic rules are handled by admin where advanced rules are handled by Customization teams.
In Encompass 360 application, you can create, customize the business rules based on the requirements. The Encompass 360 business rules help in streamlining, managing, and enforcing business practices and processes.
The types of Encompass 360 business rules are:
Loan Folder Business: This is a loan origination rule. This rule determines the following:
- Whether a loan can be originated in the specified loan folder.
- Whether a loan can be duplicated in the specified loan folder.
- Whether a loan can be imported into the loan folder.
Milestone Completion:
- Encompass 360 has an ability to create a new milestone and add to your workflow.
- Using the Milestone Completion tool, you can define and manage requirements that must be met before a milestone is finished.
- You can specify a condition for applying the rule, documents that must be received, and fields that are required.
Field Data Entry:
- You can define and manage the values entered the fields on input form.
- You can specify a condition for applying the rule, required values for the field, and pre-required fields that must be completed first.
- You have an option to export Field Data Entry business rules, one at a time, from an Encompass 360 environment, save them onto your computer and then import the business rule into another Encompass 360 environment.
Field Trigger:
- You can define and manage rules that execute custom actions when the value in a field is changed.
- You can specify a condition for applying the rule, the field ID and criterion for triggering the rule, and the action to take when the criterion is met.
Automated Conditions:
- You can create and manage automatically populate conditions to the loan file when the Add Automated Conditions option is selected in the eFolder.
- You can create sets of one or more preliminary, underwriting, and post-closing conditions.
- When an authorized user selects the Add Automated Conditions option in eFolder, they can then add these conditions to the loan.
Persona Access to Fields:
- It manages fields and buttons on input forms by persona.
- You can specify a condition for applying the rule and different access for each persona and condition.
Persona Access to Loan:
- You can use Persona Access to Loans screen to manage access to loan files by persona.
- You can specify a condition for applying the rule and different access for each persona and condition. Access can be View Only, Edit, or Custom.
- The Custom option allows us to grant access to areas of the loan file (such as the Lock Request tool).
Role Access to Documents:
- It controls access to loan documents in the eFolder.
- You can define the default access by role and specify those roles that have protected access to documents.
- When access to a document is protected for a specific role, access cannot be revoked for the role, and the document cannot be deleted by a team member assigned to that role.
Input Form List:
- It defines the input forms to make available for a loan when the specified condition is met.
For example, you can create input form rules based on the type of loan, such as Conventional. In this case, only forms required for processing Conventional loan would be made available to your users.
Loan Form Printing:
- This rule restricts the printing of forms until required fields are completed or other custom rules are satisfied. If You specify fields that must be completed prior to printing, users will receive a message listing the required fields.
- You can also create your own advanced coding rules that must be satisfied before a form can be printed. In this case, users receive a message explaining why the form cannot be printed.
Print Auto Selection:
- It determines the default set of forms that are automatically selected in the Print window for loans that have specified values in selected fields
- Print auto selection rules can be applied to individual forms or form groups. When You create a rule for a form group, the rule will apply to any form that is added to the group without having to update the rule.
Appraisal Order Management:
- Admin can use the Appraisal Order Management setting to configure the appraisal ordering process for different types of loans.
- The setting allows administrators to select a loan type and then select the configuration options used for that loan type.
LO Compensation Rule:
- It control how Paid by fees are assigned in the 801 section of the 2010 or 2015 Itemization, 2010 HUD-1 Page 2, and Section 32 HOEPA input forms and prevent any person other than the borrower from paying the loan originator.
Based on your company policy, You can select from your options to determine how the LO Compensation Rule is enforced:
- Enforce compliance to the LO Compensation paid-by rule
- Display a warning when compensation fields are not compliant
- Do not enforce compliance or display a warning
- Treat seller-paid broker compensation as borrower-paid or paid by a third party
All Field Data Entry, Field Trigger, Automated Conditions, Persona Access to Fields and Persona Access to Loans business rules can be exported and then imported, irrespective of their Status.
Also, please refer our other articles on Encompass 360 Business Rules,
| How to create Encompass 360 Business Rules – Part 1 How to create Encompass 360 Business Rules – Part 2 How to create Encompass 360 Business Rules – Part 3 |
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.
