Latest / Mastering Encompass® / Encompass® Compliance Service Update 1-11-2024
Transcript
- 0:28Hey gang, Larry Bailey here with some more Encompass updates.
- 0:33I feel like it's been a very long time Since I've been able to do any of these last one. I did was obviously the big 23 dot 3 release That was back last year December but the you know its January 15th now as Im recording this and theres two updates that might have snuck in under your nose and I wanna make sure we kinda went through them. First one were gonna talk about here. Is the encompass compliance service now if your running if your using compass your running maven and so if you go into the release notes again a lot of people just kinda hang out here at the top make sure you scroll down to the bottom and so when you scroll down the bottom you'll see these notes and it gets kinda tricky because this isn't necessarily when the release happened it's when the release notes were last revised on and if anybody at ice is still watching this i would uhm really love to see when youre going to go ahead and update how you do this the encompass release date like just put that one column down there itd be so much more helpful for all of us users and partners to make sure everybody is updated accordingly so im just kinda trolling down here and saw encompass compliance service went into encompass compliance service and saw sure enough we had an update and so this update was for January 2024 and this is kind of important for for you if youre in these states.
- 2:04And so if you scroll down here youll see some stuff first of all let me make this a little bigger to be fair to the screens here and uhm first thing we want to do is update to the applicability rules so if you go into in compass and you go into compliance review setup which is in here right youll see the very first tab talks about reviews to include its in the upper right hand side and ive talked about this i go over a lot of this in training if you ever by the way if you ever want to go through it every single setting we just finished up the most recent update which is version 23 we started in october we just finished here in january were going through our reviews to take the the mastery of of in compass as an admin final and hopefully we'll get some certifications out there for folks but basically we go through all of the settings this is one of the settings i talk about because these little edit icons are not old they've never always been there and ice has been adding some more stuff and sure enough we just added another one so if you go to the GSE review you now have the ability to to address mapping so in that review the rule headers that that you can either enable or disable right so you either have that you you click that box and you're basically going to be able to choose if you want the review or not now if you uhm do want to update that youre going to have uhm well wait a minute lets just go into one cut this out alright so when you go into to the the setting itself go ahead and click change setup so when you go into the setting itself go ahead and click change setup and it's this very first one over here so here's that GSE review that I'm talking about in the release notes and you basically are saying do you want to run the GSE review or not and if you do for which channel you can also again a lot of people don't even go in here because they just haven't but you can make sure that the review runs for specific channels and then only runs the review when certain milestones are reached so if youre the kind of company that really wants to get into the granularity of when this is running you can do that with this edit icon right here so going back to the release notes when we look at here its basically enable or disable and then you can choose a setting some of the other things that are impacted by this release have to do with the rule headers so youve got a couple of things that are being updated in terms of the rule headers and what theyre all about you can read these these ah here and if we go further and were now on page 8 at the federal level for these updates youve also got the update to the CFPB publishing of the rural and underserved areas so I dont know if you know this or not but theres an alert within MAVENT that addresses the ah rural and underserved counties and ah this addresses that so theres a link on here if you want to go check out some more uhm but if youre the kind of institution that really is looking to develop lending into a rural or underserved county uhm MAVENT is now being updated to address that theres some state rural updates if you are originating in Kentucky ECS has been updated to provide accurate license requirement messages when the rate exceeds 8% for users who submit a loan uhm so you know they removed the 8% rate limit argument I dont know what that means personally Ive never lent in Kentucky but if you lend in Kentucky Im sure this is impactful for you so theres an update New Jersey now this is impactful for me I you know Im Im Im in New Jersey and uhm photocopy fee ah heh thing here I have to laugh because a photocopy fee is ah in 2024 its an interesting kind of fee uhm typically who charges it are attorneys title companies the mortgage companies truthfully used to charge this back in the day remember I started lending in 1993 when we still had thermal fax machines uhm and borrowers wouldn't give you their social security number unless you went to their house because they don't know who you are over the phone uhm I'm sure everybody listening to this uhm probably thinks Im making that up but that is all a true statement in any event so uhm youll no longer get a fail uhm if you have photocopy fee and its mapped to office expense so this gets into going back into the the setup right so if we go back into our settings and we go back over into tables and fees and we go to itemization fee management and if we go over into creating a new fee actually we won't create a new fee we'll just go here because this one's not mapped and if we go over into office expense you know you'll have to maybe select all of these to get these to come in here but here's the office expenses so watch what happens in case youve never noticed this before but watch what happens when i uncheck 1,300 youll see this list changes so you know its still there 1,200s office expenses still there 1,100s office expenses still there 1000s still there 900 so basically every section you can have office expenses uhm if you have any section selected so that's good I I was just a test I've never done that before so thanks for bearing with me on that one to continue on in Ohio you've got some pre payment penalty threshold updates because the law's been updated so there you go in Washington youve got updated messaging to include interest days and year when calculating interest accrual method so in this release CCS has been updated to include some additional of these details so if youve ever lent in Washington and youve had some issues with the interest days and year used uhm MAVEN has been updated to address that and then at the end of all the release notes typically again you have this change log and change date was January 11th 2024.
- 9:10So thats it for the for that release note uhm and if you want to go ahead and keep listening the next one we're going to talk about we're going to get into is the next update this has all been about the Encompass Compliance Service 2024 Rules Release Notes for the update that came out on or about the January 11th where are we here there you are Encompass Compliance Service January 11th 2024 see you on the next one thanks