MIS Integrates Title/Settlement Fees with Encompass360
CLEVELAND, OH: In anticipation of the impending changes under the new TILA-RESPA Integrated Disclosure (TRID) rules, Mortgage Information Services, Inc. (“MIS”) has successfully integrated its title insurance and settlement fees with Encompass360®, Ellie Mae’s mortgage origination and management system. Encompass360 users who utilize MIS’s services are now able to view all title insurance, settlement and recording fees within the loan at no additional cost, without having to request a quote from an external source.
Additionally, the Encompass360 user will not be required to add information in order for the fees to populate in the loan – they will pull directly from within the loan file and are automatically updated if changes to the loan are made. Once generated, a quote can either be printed as a hard copy or saved in a designated Encompass360 e-folder. Those fees are then uploaded into the 2010 itemization, and eventually the 2015 itemization once TRID becomes effective, to ensure that the proper fees are disclosed to the borrower.
“In today’s lending environment, it is critical that an originator be able to provide accurate costs to potential borrowers early in the loan application process,” says David Stroop, Regional Vice-President for MIS, “and our fee integration with Encompass360 is a comprehensive solution to that end. Our clients can be confident that all of MIS’s title fees and the county recording charges are included in the initial disclosures.”
With this enhancement, users have a complete title environment via Encompass360. Title orders can be placed and tracked electronically within their loan, as well as being able to receive and view title documents. Additional enhancements are in the works, as MIS works with its clients and Ellie Mae to further streamline the title and closing process.
MIS continues to be a leader in technology solutions to improve efficiencies in the title and closing process. “Our integrations with Encompass360 offer clients an easier way to manage the title and closing process, but more importantly offers them the tools that they need to stay compliant with their fee disclosures,” adds Stroop.