Custom tracking system for mortgage company to monitor credit line utilization for lending. 

The mortgage company frequently had many loans being disbursed at the same time which caused the credit line to become over extended. As the line became over extended, it created a situation where there "was no money in the bank" and also could have lead to a regulatory issue. The mortgage lender needed to be able to evenly distribute the money out and leave enough time for the sale of the mortgages to pass where money came back in to pay off the credit line. 

This is typically how it should be done in practice, but sometime high volumes, its hard to know that you have spent $20 million dollars on a single Friday, when it would have been better to distribute funds more evenly throughout the days before and after the Friday (i.e. $4 million per day vs $20million all at once)

In under 3 weeks, we created a custom system to integrate into Encompass Loan Origination System that reads the status of files in real-time and updates a "Closing Scheduling" Calendar using several factors that could not possibly be monitored by a person. The calendar uses actual information plus forecasting to know what days are heaviest for scheduling and fund distribution. 

Alters were added to notify important parties of possible over-funding issues immediately months in advance (vs. the only finding out after the fact method that was practiced prior)

This system now keeps a very tight ship, Loan Officers can instantly see days that are "available" for funding months in advance so they can proactively schedule closing dates that avoid an over funding issue. 

Here is a quick slideshow of the system:

Yes, this project is available for purchase. Source code can be sold, or you can have us customize, setup, and install this for you. 

The create a custom application that ties into Elliemae's Encompass Loan Origination System for the mortgage industry that would clean up and correct HMDA reporting errors in the click of a button. 

A mortgage company typically has thousands of files per year that pass though the loan origination system. HMDA (the Home Mortgage Disclosure Act) regulates the loan files and does an annual reporting of each and every mortgage company to check that the files are all within compliance. With the vast 1,000+ fields in a loan application, it is actually quite common that fields are not all coded properly, and compliance departments allocate time at year end and especially January to run reports and correct the errors manually. 

The sheer magnitude of the volume of updates to make and the slowness of the Encompass interface make it near impossible to do updates quickly. This effectively means that companies must use extra hours to do the updates, while also not accounting for human error. A report can only report what is in a field, it can't evaluate it to know if it is correct or not. So if a person enters the wrong item from a drop down box by accident, the LAR report needed for HMDA will be inaccurate and heavy fines can come about, even license suspension, or worse....audits!

In 7 days we designed a little program that could do a batch update of all the files in one click of a button. 

What took the mortgage company sometime two, three even four months, now only takes them less than a minute! 

Our "HMDA Utility" for Elliemae Encompass lets the compliance department at the mortgage company choose the Encompass folders to run on, the date range to start and stop and the rules needed for HMDA compliance and runs each client file through the filters and determines what appropriate action is needed, then updates the file automatically to set the HMDA field to the correct values. 

Even though our client did not ask for this, we proactively thought ahead and included a log that is automatically generated of all the OLD and NEW values so no data is lost in the event a change back is needed. It can be opened in Excel and filtered quickly. 

The HMDA Utility for Elliemae Encompass also has a 'simulation' mode. This allows the compliance department to run the utility at any time during the year, in simulation mode, and reports all the changes it would make, but does not make the changes yet. The log is still automatically generated, and a compliance officer can review the log to spot check anything that may seem out of the ordinary. This allows for ultimate safety when modify these important HMDA fields.

This utility also performs Rate Spread calculations determining if the client uses the old or new method. 

Here are some screenshots of the Utility:

Yes, this project is available for purchase. Source code is also available for purchase. We can provide customization of the project if needed. 

To create an automated monitoring system for Elliemae Encompass that will automatically monitor, change and track the dates for the new 2009 MDIA (Mortgage Disclosure Improvement Act) regulations.

 

The mortgage lender wanted to eliminate potential human errors for tracking the important dates now regulated under new MDIA law. The new laws impose that every mortgage lender provide disclosures based on predetermined date timelines and milestones, and if during the process, information regarding the APR changes, re-disclosure is required. There are the date at which disclosing is required, and waiting days from when the documents are sent, among many other criteria. Tracking this manually for one client is not hard at all, but when you look at a company who literally has hundreds of clients per month, the chore becomes much more problematic if automation is not involved.

Furthermore, from a financial aspect, the secondary market who purchases the loans may require proof that the disclosure law was followed and proof of such.  Without it, a loan may not be purchased leaving the lender with the note and unable to recoup their funds quickly.

We built a plug-in for Elliemae Encompass that monitors the file when it is open that will check for certain criteria and apply changes based on the MDIA rules. There monitor has 5 different monitors that all work simultaneously:

These monitors each examine the file for certain values and automatically set dates based on the rules.

We also made a custom page where the users can see all the math and dates for proof, clarification, and reference. When you constantly are going in and out of several loan files, one would normally have to calculate dates each and every time. Our new automated method lays out the time line in the simplest format so that it can be referenced in seconds. Best of all, where the dates are calculated on a formula, the dates will be consistent for each file, eliminating the human error effect if done manually.

To accommodate the needs of 3rd parties who may want proof or confirmation of the procedure followed, we created a custom form that can be printed for each file in the post-closing phase.  

This plug-in is available for purchase. Source code may also be purchased. We can customize this project if needed, however the MDIA laws are universal, so no changes are typically required.