In anticipation of the impending changes under the new TILA-RESPA Integrated Disclosure (TRID) rules, Mortgage Information Services, Inc. (MIS) successfully integrated its title insurance and settlement fees with Encompass360, Ellie Mae’s mortgage origination and management system. Encompass360 users utilizing 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, users 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 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 efolder. Those fees are then upload to the 2010 itemization, and eventually the 2015 itemization once TIRD 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,” MIS Regional Vice President David Stroop said. “Our fee integration with Encompass360 is a comprehensive solution to that end. Our clients can be confident that all of the MIS’s title fees and the county recording charges are included in the initial disclosures.”
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.
“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,” Stroop said.