Encompass 24.1 Release Notes - Banker Edition

What's in This Release

Highlights of this release include the following:

• New Disclosure Features - As part of the new Encompass 24.1 automation enhancements in the web version of Encompass, new disclosure alerts and date fields are being introduced in Encompass. The alerts, which are set up and managed in the Encompass Settings > Alerts tool and triggered in loan files in the desktop and web versions of Encompass, enable lenders to ensure all required data is complete for sending disclosures (both manually and automated).

• Pipeline Update - To help optimize Encompass Pipeline loading performance, archived loans will no longer be displayed in the Pipeline by default.

• Withdraw eConsent - New features and settings are now available to provide options for users to withdraw eConsent agreements on behalf of borrowers.

• New Request for Transcript of Tax Enhancements - New features are being introduced to help users enter and manage the data on the Request for Transcript of Tax and Request for Transcript of Tax (Classic) input forms:

  • New transcript request templates that enable administrators to create templates of predefined values for the transcript request that users can apply in the loan.

  • New dropdown field on the input forms that enable users to select the version of the IRS4506 or IRS Form 8821 that is being requested.

• Zero Based Par Pricing - This new feature enables locks to be offered in basis points instead of par, by channel, to make them easier for borrowers to understand.

• New GSE Fields and Form Updates - The ULDD/PDD, Freddie Mac Additional Data, and GSE Additional Provider Data input forms have been updated with new fields and dropdown field options to support Fannie Mae, Freddie Mac, and Ginnie Mae specifications.

• Encompass eClose - Encompass eClose is now enabled for all customers who use the Encompass Docs Solution to generate initial disclosures and closing documents. Authorized users can click the eClose button on the RegZ-CD input form (or other forms where the traditional Order Docs button is provided) to start ordering closing documents using the eClose workflow.

• New Zero Based Par Pricing Settings - Use these new settings located on the Product and Pricing setting under Secondary Setup to enable locks to be offered in basis points instead of par, by channel, to make them easier for borrowers to understand.

• New Encompass Admin Tools Settings for Automated Data Completion - In the Admin Tools > Settings Manager, a new Automated Data Completion category and related settings are now provided. Administrators can use these settings to enable Encompass to retrieve data systematically and automatically populate/complete data within the Home Counseling Provider List on the Home Counseling Providers input form and the Area Median Income (AMI) data on the Borrower Summary - Origination and other input forms. This enables the data to be completed without users having to open the form or setting and manually clicking a button or similar to populate the data.

• Redisclose Closing Disclosure (APR, Product, Prepay) Alert Now Recognizes Construction Loans as Irregular When Considering APR Tolerance - Encompass now treats Construction Only and Construction-Perm loans as irregular for the purposes of APR tolerance, regardless of the amortization type. This update ensures these Construction loans have an APR tolerance of 0.25% instead of the 0.125% tolerance applied to regular loans.

• New Field Data Entry Business Rule for Manner in Which Title will be Held Dropdown Field - The Field Data Entry business rule setting now provides a preconfigured rule for Manner in Which Title will be Held field. This rule is intended to be applied to the Manner in which Title will be held editable drop- down field (field ID 33) on the Borrower Information - Vesting input form. Administrators can use this rule to modify the enumerations that display in this drop-down list and specify specific enumerations they want to display on the input form.

• Update to Enable State License IDs to be Populated via a Create Loan API Call - Encompass has been updated to enable the company’s State License ID # (field 3629) and the interviewer’s State License ID # (field ID 2306) fields to be populated with a ‘create loan’ API call.

• Branding Update: References to AIQ Updated or Removed - As of July 2023, the AIQ product was rebranded to ICE Data & Document Automation and ICE Mortgage Analyzers. The Encompass user interface and in-product messages have been updated to reflect this new naming where applicable.

• Update to How LTV is Calculated for Construction Loans - For Construction loans where the lot is owned free and clear, Encompass now calculates the Loan to Value (LTV) ratio as a Limited Refinance transaction in accordance with Fannie Mae and Freddie Mac guidance. Previously, the LTV for these loans was calculated as a Purchase transaction.

• Providing Access to eClosing - By default in Encompass 24.1, the eClose button will be accessible to users with the Super Administrator persona (as well as the administrator logging into Encompass with the admin user ID). Additional users can be provided access to the eClose button and eClose features via the Encompass eClose options provided in the Personas > Loan > Closing Docs settings in Encompass Settings.

• Refer to the Encompass Field Look Up self-service tool in the Resource Center for a list of input form fields in Encompass.

System Requirements & SDK Upgrade Requirement for Encompass

Have you reviewed the latest System Requirements and upgraded the SDK?

Before downloading or applying this new Encompass release, it is important to verify the latest system requirements for Encompass client machines. Please review the System Requirements for Encompass to ensure your environment meets the requirements needed to operate Encompass successfully.

Install Files and Downloads

Visit the Encompass SDK and Other Install Files page to access the latest download links to the SDK and common tools, including eFolder print drivers and the Encompass Document Converter.