Mortgage software company Ellie Mae, which serves thousands of banks, credit unions and mortgage companies, has rolled out a new version of its mortgage platform designed to help users comply with the CFPB's newest disclosure and closing regulations.

The CFPB has proposed bringing its newest rules, a part of the Truth in Lending Act and Real Estate Settlement Procedures Act, into effect on Oct. 3, 2015.

The newest version of the Encompass mortgage platform includes new forms for loan estimates and closing disclosures, the firm said, as well as new fee itemization forms.

“Despite the shifting of the effective date of the new regulations, we were ready and committed to providing our lenders with our new release, which we began delivering in June, as we know that compliance with TILA-RESPA is much more than adopting new forms,” Ellie Mae President/CEO Jonathan Corr said. “Lenders need real tools and resources to make the necessary changes to the loan production process and manage third-party relationships more effectively.”

He added, “The new release of Encompass provides new capabilities using our pricing and secondary solutions along with the necessary automation and resources required for a smooth transition to a post TILA-RESPA environment. Ultimately this major new version of Encompass is enabling our customers to increase productivity and efficiency.”

The Pleasanton, Calif.-based company also announced on July 21 that it has entered into a strategic partnership with Fannie Mae.

Fannie Mae, which is now government-owned, already provides software for mortgage lenders originating loans for sale onto the secondary market. Ellie Mae announced that the partnership would allow the two organizations to provide users eith a more uniform work environment.

“Our focus at Ellie Mae is to provide our lenders with innovative solutions for automating the entire loan process while ensuring the highest level of compliance, loan quality and efficiency,” Ellie Mae Executive Vice President Joe Tyrrell said. “Our strategic partnership with Fannie Mae will make it even easier for our lenders to do business with Fannie Mae through a complete workflow that covers the entire loan cycle, from application to post-closing.”

“We share a common goal with Ellie Mae, which is to provide best-in-class tools to our lenders,” Fannie Mae Senior Vice President of Strategic Initiatives and Business Solutions Steve Pawlowski added. “By partnering with Ellie Mae, we will leverage our combined technological innovation and expertise to create even greater automation and transparency. Together, we will provide our customers with greater certainty and access to technology that makes it easier to do business with us. We look forward to working with Ellie Mae to enhance our value to lenders and help them succeed.”

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Ellie Mae Inks Deal with Fannie Mae

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