Name: Which Loan Servicing Software is Best? (Apache Fineract, TurnKey, Encompass)
Uploaded: 2022-06-20T15:00:30.000Z
Duration: 3 min 14 s
Description: Loan Servicing Software focuses on automating post-disbursement loan activity including collections, amortization, collateral tracking, and customer service. This video compares Encompass against two other competing tools in the space to share which type of tool is best for each use case.

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Mortgage Servicer

Financial Industry Computer Systems (FICS)

Encompass from ICE Mortgage Technology has been widely praised by users for its ability to streamline the mortgage origination and closing process while ensuring loan compliance. Users have experienced significant time savings due to the software's paperless transaction capabilities, eliminating the need for physical paperwork. The robust and customizable nature of Encompass360 allows it to be used straight out of the box or tailored for more advanced performance, catering to the unique needs of different businesses. Its seamless integration with third-party service providers enables easy organization and retrieval of all necessary documents. Additionally, Encompass has facilitated smooth transitions during company mergers, making it a reliable choice for mortgage operations. 

One notable advantage of Encompass is its ability to customize workflows for different channels of business, improving overall efficiency. With integration capability with hundreds of vendors, Encompass eliminates the need for users to switch between systems, thereby saving time and enabling a fair amount of automation in their processes. Users have found that Encompass offers useful tools for mortgage professionals, making QC review more efficient and enhancing productivity. The user-friendly interface and small learning curve contribute to quick adoption, allowing users to reap the benefits of increased productivity promptly.

Encompass acts as an all-in-one solution for mortgage lending needs, serving as a centralized repository for all mortgage activities. From origination to post-closing, Encompass streamlines the entire mortgage process within one system, eliminating the need for multiple platforms and reducing complexity. Users appreciate its customizability and ability to cater to specific business requirements while remaining compliant with regulations such as TRID and HMDA. The software's electronic document management feature and direct printing to the e-folder have been commended for their time-saving capabilities in processing.

By enabling processors to handle high volumes through streamlined service ordering, Encompass has helped organizations enhance their operational capacity. It has garnered high recommendations from customers in various sectors including banks, mortgage companies, and mortgage brokers who consider it essential in their mortgage lending operations. The platform's flexibility, integrations, and services further enhance efficiency, allowing organizations to streamline processes, reduce errors associated with paper files, and automate tasks for increased productivity.

Overall, Encompass by ICE Mortgage Technology offers a comprehensive solution that simplifies and optimizes the mortgage origination and processing stages. Its robustness, customizability, compliance expertise, and technical capabilities make it a preferred choice for loan originators seeking end-to-end solutions for their mortgage lending operations.

Customization: Highly customizable software that allows users to tailor Encompass to fit their specific business processes and operations, enhancing efficiency for numerous reviewers.

Educational Resources: Availability of helpful educational videos within Encompass assists users in getting started with the software, providing valuable guidance and support throughout their experience.

Compliance Integration: Integration with Mavent for loan compliance ensures that loans meet all necessary compliance requirements, providing an extra layer of security and peace of mind for users.

Confusing and Non-Intuitive User Interface: Some users have expressed frustration with the user interface of Encompass, stating that it is confusing and not intuitive. This makes it difficult for them to navigate the software and perform tasks efficiently.

System Performance Issues: Users have reported experiencing slow loading times in Encompass, as well as occasional system crashes or being booted off the system. These performance issues negatively impact their productivity and efficiency.

Lack of Timely Response to Enhancement Requests: Several users have expressed dissatisfaction with the timeliness of addressing user enhancement requests through the forums. They feel that their requests are not being responded to quickly enough, indicating a need for quicker response and resolution from the software provider.

Encompass from ICE Mortgage Technolgoy (formerly Ellie Mae) is an all-in-one mortgage management solution for lenders.

Encompass from ICE Mortgage Technology

Loan Servicing Software automates the loan lifecycle from origination, credit decisioning, payment processing and collections, to accounting and reporting.

Loan Servicing

Likelihood to Recommend

Likelihood to Renew

Usability

Support Rating

Implementation Rating

Ellie Mae offers loan origination and mortgage lender software.

ICE Mortgage Technology

Loan Servicing Software focuses on automating post-disbursement loan activity including collections, amortization, collateral tracking, and customer service. This video compares Encompass against two other competing tools in the space to share which type of tool is best for each use case.

Which Loan Servicing Software is Best? (Apache Fineract, TurnKey, Encompass)

More in-depth reviews at: https://bit.ly/LoanServicingReviews

Loan Servicing Software focuses on automating post-disbursement loan activity including collections, amortization, collateral tracking, and customer service. These tools are available as standalone modules, but are often included as part of loan management suites and loan origination software that process credit decisions and disburse loans, offering a complete loan life cycle solution.

This software supports commercial loans, consumer, mortgage, and home equity loans and is primarily used by direct lenders such as banks and credit unions. Lenders often choose to service their own loans, increasing profits and improving regulatory compliance. The software enhances workflow efficiency, facilitating loan tracking, portfolio management, and reconciliation. AI is increasingly used to gain customer insights and to identify potential problematic accounts and upsell opportunities.

Timestamps
00:00 Introduction
00:23 Apache Fineract
01:11 TurnKey Lender
01:48 Encompass ICE Mortgage Technology
02:30 Conclusion

#loanservicing #apachefineract #turnkeylender #encompass #icemortgage

Loan Workflow

Tools used by loan origination and servicing and servicing agents to streamline their workflows.

Loan Document Management

This feature allows users to store, manage, and track all loan-related documents, ensuring compliance and efficient processing.

Loan Workflow Automation

This feature helps to automate various stages of the loan process, improving efficiency and reducing manual errors.

Loan Software Integrations

This feature allows lenders to access credit reports and scores from major credit bureaus, aiding in the credit assessment process, and integrate with CRM tools and third-party databases to manage borrower relationships.

Loan Reporting and Analytics

Allows users to generate various reports and analyze data related to loan origination and servicing, helping to make informed decisions.

Financial Reporting and Compliance

Financial statements and regulatory filings

Management Reporting

Tools facilitating creation of internal ad hoc or standard reports.

XBRL support for regulatory filing

Support for the XBRL standard reporting format for exchanging financial data.

Excel-based Reporting

Ad hoc or formatted reports using MS Excel.

Data Security

Tools and features that help keep data secure from unauthorized access or internal exposure.

At-Rest Data Encryption

Data at rest is encrypted, requiring decryption to read the underlying data.

In-Transit Data Encryption

Data is transmitted in an encrypted state, preventing interception of raw in-flight data.

In-Use Data Encryption

Data remains encrypted even when stored in non-persistent storage (RAM, CPU caches, and CPU registers). This prevents access to data through malware on an individual device.

Data Redaction

The product's capability to return redacted data in place of actual data when queried. For instance, a redacted query for the phone number 555-5555 could return ***-**55.

LOANS!

Later Social

Batch

Compliance Officer

Encompass from Ellie Mae 2017-02-28 15:09:02

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Loan Servicing Software

I use Encompass to originate residential mortgages. I come from a technical background, so I understand the product as a software solution as well as a tool for loan originators. Programmatically, this is the most accomplished product I have encountered so far, after using Calix Point and PC Lender. It follows standard windows programming language for the user interface much better than the other two products mentioned, and is enhancing advanced features and integration all the time.

Document management
Integration with web and mobile app
Integration with 3rd party service providers such as credit reporting, pricing engine, CRM

Ability to have multiple loans open at the same time
Multiple screens open at the same time
Loan scenario comparison & borrower options presentation
Low ability to check options without saving, as the file is being worked on

Loan application
Loan origination
loan processing
document collection and management
automated underwriting

Spending less time on data entry
Ability to generate needed documents without effort

Microsoft 365 (formerly Office 365), Adobe Acrobat DC, Meta for Business (formerly Facebook for Business)

pre-qualifying a home buyer
originating a loan to close
managing multiple loan officers with reporting and compliance

Sr. Mortgage Loan Officer

Encompass is and has been the go-to system for loan originators. The system is catered to each company individually and allows originators and operations to manage a borrower's entire loan profile from origination to funding in one system. One of the best features of Encompass, outside of its main function which is mortgages is that you can collect data due to the thousands of data sets it has. This is perfect if you want to quickly gather email addresses, phone numbers, interest rates, loan programs, etc of your active and closed pipeline.

Loan Origination to Closing
Customizable data points
Quick Data Gathering
Secure Documentation Holding

Server Issues making it inoperable too often
Companies input too many data points or overuse
New URLA is still hard to get used to, way too many data points are required to be filled out often leading to issues with functions downline like running AUS

Contains the URLA (1003)
Can run AUS/LP and pull Credit amongst so many other systems
Complete loan/pipeline management from start to finish

Positive Impact- Ability to pull old data to reach out to former clients with the click of a button
Negative- Too many systems rely on it. If Encompass is down, we can't perform other functions
Positive- Easy to learn how to use and works well for loan originators

Runs DU/LP directly
Runs Credit Directly through
Pulls Automated Employment Verifications

If it can bypass the manual underwriting process that would save a lot of time
If it would allow us to send other non programmed documents for signatures

This was used for our loan origination system (LOS). It was the center of the tech stack for our mortgage company. We used this for completing loan applications over the phone, as well as tracking and updating apps as needed.

Tracking mortgage applications
Being source of truth during all stages of the mortgage process
Allowing Administrators to customize views and forms to fit the needs of the business

Cloud offering is lacking, so we never implemented it and stuck to the desktop (clunky) version
Integrations with Salesforce and other systems are a burden
No true mobile offering for LO's on the go

Robust capabilities to handle mortgage process
Ability to customize views to fit the needs of the business
Stays current with the changing landscape of mortgage industry policies

Encompass from ICE Mortgage Technology
Formerly Ellie Mae

Overview

What is Encompass from ICE Mortgage Technology?