TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1407257
4 | M R EP O RT MTECH Ahead of the Compliance Curve ENCOMPASS UPDATE SUPPORTS NEW QM FINAL RULE I CE Mortgage Technology has released additional enhance- ments to its Encompass platform (Version 21.2) which supports the recently updated General Qualified Mortgage (QM) final rule enabling lenders to seamlessly calculate eligibil- ity for QM loans using the new price-based thresholds which government-sponsored enterpris- es (GSE) will require in order to sell loans to the secondary market. "Our support for the new General QM rule will help mort- gage companies save time and increase productivity across the lending and acquisition processes," said Joe Tyrrell, President of ICE. "The latest Encompass release fur- ther highlights our commitment to leveraging our technology, data, and industry expertise to help our clients and partners navigate the everchanging lending landscape." Coming on the heels of the new Uniform Residential Loan Application (URLA), the new General QM rule represents the second major industry change for the residential mortgage industry in less than six months which requires lenders to alter how they operate their business. This latest change will require lenders to retrain their teams, update their compliance processes and protocols to ensure industry standards are met ahead of the mandatory implementation date. The new Encompass 21.2 release offers the flexibility for lenders to use both existing and new QM rules before the mandatory switch (October 1, 2022) to accommodate GSE and investor requirements seamlessly. Knocking It Out of the Park LOANDEPOT AND MELLOHOME INTRODUCE GRAND SLAM HOME SERVICES BUNDLE l oanDepot, together with its sister company mellohome, has announced the launch of a proprietary bundle of homebuying and selling services designed to give consumers a simpler, easier, and more af- fordable way to buy, sell, and finance a home. The loanDepot Grand Slam package, which builds on loanDe- pot's position as the Official Mortgage Provider of Major League Baseball and mellohome's standing as a premier provider of real estate services, combines digital-first simplicity with an expansive suite of services and rich set of incentives to deliver customer delight and value. "Since our launch 11 years ago, we have invested heavily in digital innovations that make the mortgage process simpler, easier, and more rewarding," loanDepot Founder and CEO Anthony Hsieh said. "The disruption in the Innovators Blazing New Paths Taking tech to the next level, these companies and their innovative solutions are forging a new path for the industry to follow in the digital age.