When borrowers seek to leverage the equity accrued in their homes to address various financial requirements, lenders have many Encompass tools at their disposal. From the traditional first lien cash-out refinance to the versatile Home Equity Line of Credit (HELOC) and the subordinate home equity loan (HELOAN), options are plenty. The Encompass 19.3 release brought…
Lenders can streamline the process of obtaining homeowners insurance with Encompass Consumer Connect. Homeowners Insurance Service in Encompass Consumer Connect makes the challenging task of borrowers providing proof of homeowners insurance (HOI) a more automated and efficient process. Rather than borrowers having to work through multiple systems and vendors to purchase an HOI policy and…
Enhanced Conditions Tool within Encompass 360 is a robust solution designed to streamline the conversion and migration process of standard conditions into enhanced conditions. The Enhanced Conditions Tool presents two powerful capabilities for Encompass users: Convert Existing Standard Conditions: Seamlessly transition from older standard Encompass conditions to the new enhanced conditions. Migrate Enhanced Conditions: Effortlessly…
The HMDA Batch Update Tool in Encompass 360 is designed to simplify and automate the process of updating HMDA-related data for multiple loans simultaneously. This tool proves invaluable for lenders handling a significant volume of loans, ensuring compliance without manual data entry for each loan individually. Using the tool is a two part process: Step…
Encompass 360’s new offering – Enhanced Conditions workflow, offers unparalleled flexibility and improved functionality for multiple business channels. In this blog, we’ll dive deep into the capabilities of Enhanced Conditions in Encompass and explore how it can transform the loan management process of a lender. Greater Flexibility for Enhanced Condition Management The Enhanced Conditions workflow…
In the competitive landscape of mortgage banking, efficiency and superior service are essential for success. By leveraging Encompass and integrating it with third-party tools, mortgage banks can enhance their capabilities and streamline operations. Extending Encompass capabilities through integration with third-party tools There are a number of third-party tools that can be integrated with Encompass, including:…
Choosing the right technology partner is a crucial decision for mortgage banks and lenders that can significantly impact operational efficiency, streamlines operations, and borrower satisfaction. To facilitate an informed decision-making process, the following essential technical considerations has to be factored in for ideal technology partner selection for mortgage banks and lenders. Define Business Objectives and…
The integration of Artificial Intelligence (AI) chatbots in mortgage services is a technology trend which is gaining momentum in recent times. These intelligent virtual assistants are revolutionizing the way borrowers interact with lenders, providing personalized assistance, and simplifying the mortgage application process and thereby enhancing borrower experience with AI chatbots. AI chatbots are advanced virtual…
In today’s era of digital mortgages, data modeling is essential for driving transparent analytics and streamlining the entire mortgage process. Data modeling in mortgage industry can provide a seamless experience for borrowers and lenders by optimizing workflows and ensuring compliance with regulations. Data Models in Mortgage Industry Statistical data models find applications within Mortgage Industry…
Mortgage banks and lenders need to respond to challenges such as rising origination and operating costs, complex regulations and growing borrower expectations to remain competitive in the mortgage industry. Essential Data Models listed here can help mortgage banking decision makers overcome these challenges to offer loan products while managing risks and complying with regulations. Business…