Ordering Compliance Reports

Ordering a Compliance Report

There are two methods for ordering a compliance report.

  • Automatic Ordering - Encompass administrators can set up compliance reports to be run automatically at the completion of selected milestones using Compliance Review Setup. The latest compliance report is displayed in the Compliance Review screen.

  • Ordering Manually - Use the Encompass Compliance Service to order a compliance report at any point during the loan process:

  1. Open the loan to be checked, click the Tools tab, and then click Compliance Review.

  2. Click Order.

Ordering a Preview Report

You can order a preview report in order to test for compliance issues before ordering a full compliance review report or disclosing to the borrower. Click the Preview button to order a preview report.

  • With a preview, the final loan data is not reviewed. The results are based on the loan's current APR and finance charge amounts, not the disclosed values.

  • The preview report that is returned features a message across the top that indicates that it is a preview report (and not a full compliance report).

Compliance Review Audit Results Window

If, when ordering a compliance report or preview report, compliance data is missing or inconsistent (and if enabled in Compliance Review Setup), the Compliance Review Audit window opens with a list of fatal errors and warnings. Select an item in the list, and then click Go to Field to open a form with the field highlighted for data entry. You can then enter a new value to correct the error.

  • After correcting one or more items in the list, click the Refresh icon to update the list.

  • Once all Fatal errors are corrected, you can click Order Review to order a compliance report.

  • All Fatal errors must be corrected in order to order a compliance report. A compliance report can still be ordered without correcting Warning messages.

  • Click Close to close the Compliance Review Audit Results window.

Required Fields

The following Encompass fields must be populated in order for a loan check to be performed. When ordering a compliance report manually, an error message will display alerting you to provide the required data before ordering the report. If you have set up Automatic Ordering, the loan check will not be performed if any of the required data is missing.

  • Loan Amount (Field ID 1109)

  • GFE Application Date (Field ID 3142) or Application Date (Field ID 745)

  • Appraised Value (Field ID 356) or Estimated Appraised Value (Field ID 1821)

  • Loan Term (Field ID 1347)

  • Note Rate (Field ID 3)

  • First Payment Date (Field ID 682)

  • Index Value for ARM Loan (Field ID 688)

  • Zip Code (Field ID 15)

 

See Also:

Compliance Reviews

Viewing Compliance Reports