Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced the Encompass Digital Lending Platform™ will include support for the new government-sponsored enterprise (GSE) Uniform Residential Loan Application (URLA) aimed at enabling lenders to start testing and planning their transition to the new redesigned application before the mandatory use deadline of February 1, 2020.
Fannie Mae and Freddie Mac, under direction of their regulator the Federal Housing Finance Agency (FHFA), are creating a new URLA along with a new corresponding MISMO v3.4 dataset, a.k.a. the Uniform Loan Application Dataset (ULAD). The new application form is organized to make it easier for the lender to collect all of the necessary information from the borrower, as well as process, underwrite and deliver the loan to the secondary market or servicer. Improved transparency helps the borrower more easily complete the application.
While it carries great advantages for both applicants and lenders, the new URLA also significantly alters how lenders handle applications. It impacts both processes and systems and will compel lenders to adjust some of their most fundamental activities as they originate, underwrite and close loans.
“It’s clear that Ellie Mae has a strong handle on the needs of their customers when it comes to the new URLA,” said Brandon Durham, Production Support Manager, Homeowners Financial Group. “There are a lot of origination platforms out in the market, but we will continue to work with Ellie Mae because of their track record of consistently delivering support for these large-scale industry changes.”
With the 19.3 release of Ellie Mae’s Encompass Digital Lending Platform, lenders will be able to test the new URLA and ULAD workflows to get a head start on their transition in advance of the February 2020 mandatory implementation deadline. Once the new URLA is made available by Fannie Mae and Freddie Mac, lenders will be able to:
- Seamlessly capture relevant data from the new URLA to expedite the application process
- Provide an incredible consumer experience through the Point of Sale
- Offer Loan Officers the ability to navigate the new URLA to qualify borrowers on any device
- Maintain a seamless workflow for Third Party Originators
- Generate Fannie Mae and Freddie Mac AUS reports
- Sell loans with the ability to seamlessly compare pricing options leveraging new URLA data and deliver data and docs to GSEs or investors
- Seamlessly consume data and docs from sellers in the new URLA
“Ellie Mae has been working closely with the GSEs to ensure that our Encompass Digital Lending Platform provides the comprehensive support for our lenders and the ability to test well in advance of the mandatory use deadline,” said Joe Tyrrell, chief operating officer, Ellie Mae. “While the change ahead is at a scale similar to TRID, it will ultimately offer a simplified and more intuitive application for borrowers, and that is certainly a step forward in powering the American Dream of homeownership.”
In addition to this support through the Encompass Digital Lending Platform, Ellie Mae is also offering a series of URLA Training Roadshows and additional educational resources to help prepare Encompass clients for the coming changes provided through Ellie Mae Academy. These resources include a series of webinars, on-demand videos and eLearning courses which cover what’s different in the new URLA and how to complete the new form. Ellie Mae has also developed a detailed URLA Instructional Guide as a tool to help lenders prepare their own internal training program which is available for purchase on the Ellie Mae URLA webpage at: https://www.elliemae.com/resources/uniform-residential-loan-application.
About Ellie Mae
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call (877) 355-4362 to learn more.
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