Encompass360 Administration and setup is one of the core areas for bankers or lenders to keep their Encompass360 system updated, trouble free and evolving to meet the new functional and business requirements. As the lending process is constantly hit by numerous challenges from the government regulations, financial volatility, global economy and a number of other factors, managing change in the Loan Origination System is a constant reality.
Here we take a close look at some of the basic functionality an Encompass360 Administrator should perform to keep the system optimized to improve the overall quality of the loans.
- Compliance: Compliance is the single most concern for most lenders as they can be costly in terms of fines and fees for compliance failure and buybacks. An Encompass360 administrator can effectively impact the compliance adherence resulting in fully compliant operations using Encompass enhancements offered over time.
- Derive Intelligence from Support tickets: Analyzing support tickets are a great way to learn the imperfections in the current system to develop optimization steps.
- First time buyers: First time buyers are always different in their expectations, the way they interact with the system and the support they expect. Since this is one of the crucial factors of business growth for lenders, making the system trusted, simple, secure and comprehensive is of utmost importance. Encompass360 administrators should be well aware of this to periodically optimize the system for first borrowers.
- Automation with Business rules: Business rules evolve depending on the strategies each lender follows. Encompass360 administration plays a vital role here by automating work with advanced business rules.
- Ongoing optimization of the system: From the analysis performed on various data and discovery meetings, Encompass360 administration and setup professional can rediscover the dashboards, the way reports are presented, different application forms, print forms and the way work is done on the system.
- Project management: A system administrator with in-depth knowledge of the Loan Origination Systems, mortgage industry and the life cycle of a loan, can supply the requirements, functional specifications, testing criteria, change requests and documentation for training. QA testing and User Acceptance Testing (UAT) are also managed by an Encompass360 Administrator.
- Manage custom requirements: It not uncommon to have custom requirements for each lender, and Ellie Mae’s Encompass360 is equipped with software development kit (SDK) to build plugins for customizations.
- Measure the impact: Encompass360 is flexible for lenders to customize, optimize and test the solutions. An Encompass360 Administrator will need to measure the impact of each of the improvements made to further optimize, which is important as most of the critical factors such as Regulatory compliance, business rules and marketing strategies keep changing.
While it is important to have the services of an Encompass360 administration and setup professional, it’s not necessary to appoint a person full time. For small and medium level lenders who use Encompass360, administrators can be costly and they are not needed full time. It is possible to utilize the services of an Encompass360 Administration and setup professional from TakeFive Consulting on a contract basis.
TakeFive Consulting has years of combined experience in mortgage banking, sales and operations, compliance and system administration to make the transition from your existing mortgage to Encompass360. We ensure a team of experts including professionals from executive level to Encompass Admins to offer your organization a tailor made solution stemming from the detailed analysis of your needs. Engagement with each client is bid on an individual basis to make sure the existing infrastructure is sustained, so as to reduce the impact on the work culture. Call us 1800.846.1619 or fill out the contact form to get started.