In this article, we will be discussing about how to create Encompass 360 Milestone template. Each organization has a different business process and specific requirements. To address these requirements, different Milestone Templates can be created in Encompass 360. In the article below, we will touch base on Encompass 360 Milestone Templates and work flow.
Milestone Template
- A milestone template is a set of milestones grouped together by a common factor such as channel, loan type, or other company-specific conditions.
- After configuring milestones, you can then configure new milestone templates.
- By default, Encompass 360 automatically reviews the data in the loan file, reviews the activated milestone templates, and then applies the template that best suits the loan file any time key loan data is updated or when a new loan is originated.
- There is an option to apply Milestone Template manually.
- Users can also be authorized to manually apply a new milestone template to a loan file at any time.
Encompass 360 contains default Milestone template, and it has following Milestones:
- Started
- Qualification
- Processing
- Submittal
- Cond Approval
- Resubmittal
- Approval
- Doc Preparation
- Docs Signing
- Funding
- Post-Closing
- Shipping
- Completion
The Default Template is set to apply to all loan origination channels and no conditions are applied to the milestone template. These channel and conditions settings cannot be modified, but you can add, remove, or reposition the template’s milestones, manage trigger milestones, and add roles to the template as needed.
How to create Encompass 360 Milestone template
- On the menu bar, click Encompass, and then click Settings.
- On the left panel, click Company/User Setup, click Milestones, and then click the Milestone Templates tab.
- Click the New icon.
In the process of creating Encompass 360 Milestone Template, there are four tabs that needs to be configured to make work the templates. They are:
- Details Tab
- Milestones Tab
- Settings Tab
- Roles Tab
Details Tab
- In the Details tab, enter a new Template Name. (By default, the name is set to New Template).
- In the Channels this template applies to section:
- Select the origination channels where this milestone template will be applied. (By default, all channels are selected).
- Select No channel selected to apply this milestone template to a loan where none of the channel options are selected.
- In the Conditions for this template section:
- Select No to always apply this milestone template.
- Select Yes to create a condition for when this milestone template will be applied.
- Select a category for the condition: Loan Type or Loan Purpose.
- Select a value for the category, such as VA or Purchase.
- If you select the Advanced Conditions option, you can create expressions to define custom conditions. Click the Find icon (magnifying glass) to select filters for the Advanced Conditions option. For detailed instructions on how to create your own code, refer to the “Advanced Coding for Business Rules” document.
- In the Notes/Comments section, enter additional information if required.
Milestone Tab
You can manage the milestones contained in this milestone template. Here you can add, remove, and arrange milestones in the desired order in the template.
- To add milestones to the template, click the New icon.
- Each milestone template can include a milestone only once. All templates must start with the Started milestone and end with the Completion milestone.
- In the Milestone Selection window, select the milestones to add, and then click Add.
You have option to delete Milestone Template. Also, you can move up or move down the Milestone Template based on the requirement.
Settings Tab
- You can use this tab to select a trigger milestone for auto loan numbering and eDisclosure package selection.
- If you want to use the trigger milestone indicated in the Global Auto Loan Numbering setting or the eDisclosure Package setting, do not select a different trigger milestone here.
- You can select a milestone from the When to Start Loan Numbering drop-down list to indicate when the loan number will be assigned. The loan number will be assigned to the Loan Number field (field ID 364) in the loan file at the completion of the selected milestone.
- In the eDisclosure Initial Package section (if available), select a trigger milestone for each eDisclosure package. The eDisclosure package will become available to send to the borrower at the completion of the selected milestone.
Roles Tab
Here you can add roles from the Roles setting in Encompass Settings to the milestone template without assigning them to specific milestones.
- When the template is applied to a loan file, the roles assigned to the template will have access to the loan file.
- Roles are assigned to milestones when creating or editing a milestone.
Also, please refer “Encompass 360 Milestone” to learn about the Encompass 360 Milestone.
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.
