using the encompass product and pricing service - ellie...

July 2016 Encompass Product and Pricing Service of 17

Using the Encompass Product and Pricing Service The procedures below describe how to price a loan from within Encompass® Banker Edition and Encompass Broker Edition using the Encompass Product and Pricing Service.

Banker Edition With Encompass Banker Edition, your administrator can set up the Encompass Product and Pricing Service as your company’s default product and pricing provider. Your loan officer can use the Encompass Product and Pricing Service to search for products and prices from the Lock Request Form tool. Your Lock Desk can then open the Secondary Registration tool to access the Encompass Product and Pricing Service, review the lock request, and price the loan.

Set Up the Encompass Product and Pricing Service as Your Default Provider Your Encompass administrator can configure the Encompass settings to make the Encompass Product and Pricing Service your company’s default product and pricing provider. The Encompass Product and Pricing Service will supply the product and pricing information when a loan officer clicks the Get Pricing button on the Lock Request form tool, or when your lock desk clicks the Get Buy Side Pricing or Get Sell Side Pricing button on the Secondary Lock tool.

To Set Up the Encompass Product and Pricing Service as Your Default Provider:

1. On the menu bar, click Encompass, and then click Settings.

2. On the left panel, click Secondary Setup, and then click Product and Pricing.

3. Select Encompass Product and Pricing Service from the list.


4. In the Product and Pricing Provider Integration section,

5. In the Customize Investor Name Import section, select the Customize investor name import check box to configure the investor name import from the Encompass Product and Pricing Service into Encompass, and then select an option to configure how the name is imported.

Note: You can create and save different name import option settings for each preferred provider. When you select a provider, any previously configured settings for the provider are applied.

6. Select the Allow lock request check box at the bottom of the screen to set a limit on the amount of time that can elapse from the time pricing was last imported until the lock request is submitted by the loan officer. Then type the number of minutes (15 is entered by default). This setting helps to ensure that pricing information included in a loan officer’s lock request is valid at the time the lock request is placed.

7. Select the Apply the pricing timer only when there is no current lock check box to enforce the time limit

only if the loan does not have a current, non-expired lock. This enables authorized users to request a re-lock on an existing lock without having to request new pricing.

8. In the Lock Extension Price Adjustment section, select the Enable lock extension requests check box to allow users to request lock extensions.

When the check box is selected, the Request Extension button displays on the Lock Request Form.

9. Select a Control Option:

No company control - Users can set the number of days and price adjustments for their extension

requests. If this option is selected, no further configuration is required for the lock extension setting.

Company controls – The company creates predefined settings that control the number of days users

can select for extension requests and the associated pricing adjustments.


10. If you selected the Company controls option, you have several options for setting the allowable days and pricing adjustments for an extension:

Fixed extension days and adjustment - Create individual entries that include a specified number of

days and an associated adjustment price. When users request an extension on the Lock Request form, they can select one of these predefined entries from a list. (Refer to the To Create Entries for Fixed Extension Dates and Adjustments procedure below.)

Allow daily adjustment - Select this check box to enter the price adjustment per day as a negative

number. When a user requests an extension for a specified number of days, this number is multiplied by the number of days in the request to calculate the total pricing adjustment for the extension.

Note: If you select the check boxes for both Fixed extension days and adjustment and Allow daily

adjustment, the Fixed adjustments will be applied when a user selects or enters a number of days that matches one of the Fixed entries you have created, and the Allow Daily Adjustment pricing will be applied when the user enters a number of days that does not match one of the fixed entries you have created. If you clear both check boxes, the lock extension request feature will be disabled.

11. When finished, click the Save icon.

To Create Entries for Fixed Extension Days and Adjustments:

1. Select the Fixed extension days and adjustment check box.

2. Click the New icon.

3. Type a number in the Days to Extend column.

4. Click the cell in the Price Adjustment column and then enter the adjustment as a negative number.

5. Repeat steps 1-4 until you have added all the required entries.

6. To edit an entry, select the entry, click the Edit icon, and adjust the entry.

7. To delete an entry, select the entry, and click the Delete icon.


Search for Products, Rates, and Prices from the Lock Request Form Loan officers can search for products and prices from the Encompass Product and Pricing Service by clicking the Get Pricing button on the Lock Request Form tool.

To Search for Products and Prices from the Lock Request Form Tool:

1. Open a loan file, click the Tools tab in the lower left pane, and then click Lock Request Form.

2. Complete the top portion of the lock request form and then enter rate lock request information in the Rate Lock Request section of the tool.

3. When finished, click the Get Pricing button.

Note: When the Get Pricing button is clicked, the following rules apply to the lender-paid mortgage

insurance check boxes in Encompass and EPPS: - If the Lender Mortgage Insurance checkbox (field ID 3533) is selected in the MIP/PMI/Guarantee Fee Calculation tool in Encompass, the Lender-paid LPMI check box on the General tab in EPPS will automatically be selected. - If the Lender Mortgage Insurance checkbox is not selected in Encompass, but the Lender-paid LPMI check box is selected when requesting pricing in EPPS, the Lender Paid Mortgage Insurance checkbox in

Encompass will automatically be selected.


4. On the Product and Pricing Request window, enter login credentials for the Encompass Product and Pricing Service, and then click Continue. If you need login credentials, ask your Encompass administrator.

5. The Services View tab opens in Encompass and displays the Encompass Product and Pricing Service page. If the loan contains all the required information, the page opens to the Qualify tab, which displays a

list of eligible products, rates, and prices. The product with the best pricing at the selected rate displays in expanded mode at the top of the list. Click any program name to open an expanded view of the program.

6. If required information is missing from the loan, the Please address the following section lists the information. Resolve the issues, and then click Qualify.

7. If views are enabled, select the Classic or BestEx view to see rates grouped by investor loan program or

unique loan product type.

Classic view groups rates by investor loan program.


BestEx view groups rates by unique loan product types.

Note: By default, all users will have only the Classic view enabled. Your EPPS administrator will determine whether you have the Classic view, the BestEx view, or both.

8. If the guideline links are enabled, click a link to view a pop-up window with a list of program guideline documents and the date when each document was last updated.

Note: The pop-up window can be moved so you can see the information underneath them. To move a window, click in the blue top bar and then drag the window to other areas on the page.

Click a document name on the pop-up window to view a guideline document.

9. Click the details link to view adjustment details for each rate and price combination.

Note: The pop-up window can be moved so you can see the information underneath them. To move a

window, click in the blue top bar and then drag the window to other areas on the page.

10. If a program view is expanded, click Show all rates to view all available rates for the program.

11. To adjust your search criteria, enter values in the Target Price and Target Rate fields, and then click Go.

12. To search for rates offered by a specific lender, select a lender from the drop-down list.

13. To search for agency or non-agency products, select or clear the Agency and Non-Agency check boxes as needed.

14. To view all products available, including those for which the loan is not eligible, select the Show ineligible check box at the bottom of the page.

The details hyperlink displayed for each ineligible product opens the Detailed Ineligible Reasons popup window.



In the Program section, the message, "Some failure reasons indicated here may override general guidelines shown below" is provided as an explanation of the ineligible guidelines.

The Loan Limits section provides a loan limit table for the current state and county.

Note: If the state and/or county is missing from the loan, a message stating the "State and County

not specified" is displayed.

15. To select a product, click an entry in the Rate column.

16. When the summary page displays, review the content and then click Submit or Float to import the pricing into Encompass.

Tip: If you click Submit, you will be unable to run additional scenarios against the loan. If you click Float, you can continue to run product and pricing scenarios on the loan file. Typically, users click Submit when

they have decided to move forward with a specific option and intend to place a lock request in Encompass.


If you want to return to the loan file, but intend to search for a product and price scenario for the loan at a later time, click Float.

Note: Scroll down on the Summary page to view a table containing a record of the rate and price options for various lock periods that were available at the time you made your selection.

17. The pricing information is imported into the Lock Request Form tool in Encompass.

18. To submit the request to the lock desk, click the Submit Request button.

19. After you submit a Lock Request, you will be prompted to exit the loan to allow the Lock Desk to access the loan file.


Search for Products, Rates, and Prices from the Secondary Registration Tool

In Encompass Banker edition, after a loan officer places a lock request and exits the loan file, the lock desk can access the Secondary Registration tool, review the information, validate buy side information, and search for sell side product and pricing options.

To Search for Products and Prices from the Secondary Registration Tool: 1. Open a loan file, click the Tools tab in the lower left pane, and then click Secondary Registration.

The Alerts and Messages tab displays a Rate Lock Request alert.

The Lock/Request Snapshot section displays an entry for the lock request.

2. Click the lock request entry to open the Secondary Lock Tool. The pricing information imported by the loan officer displays in the Buy Side Lock Request column.

3. Click Get Buy Side Pricing to reopen the product and price scenario submitted by the loan officer.


4. On the Product and Pricing Request window, enter lock desk login credentials for the Encompass Product and Pricing Service, and then click Continue.

5. The Encompass Product and Pricing Service displays a list of products and prices. The product, rate, and price combination previously selected by the loan officer will be preselected. Click the selected Rate to confirm the loan officer’s scenario and return the information to the Secondary Registration Tool. Alternatively, click any program name to open an expanded view of the program.


6. If views are enabled, select the Classic or BestEx view to see rates grouped by investor loan program or unique loan product type.





Note: The pop-up window can be moved so you can see the information underneath them. To move a window, click in the blue top bar and then drag the window to other areas on the page.


8. Click the details link to view the base rate and base price with adjustments for validation.


10. To search using new price and rate criteria, enter values in the Target Price and Target Rate fields, and then click Go.


12. To search for agency or non-agency products, select or clear the Agency and Non-Agency check boxes

as needed.

13. To view all products available, including those for which the loan is not eligible, select the Show ineligible

check box at the bottom of the page.






Note: If the state and/or county is missing from the loan, a message stating the "State and County not specified" is displayed.



15. When the summary page displays, review the product and pricing information, and then click Submit or Float to import the pricing into Encompass.

Note: If you click Submit, you will be unable to run additional scenarios against the loan. If you click Float, you can continue to run product and pricing scenarios on the loan file. Typically, users click Submit when

they have confirmed the lock request pricing and wish to populate the Buy Side Lock and Pricing column in the Secondary Lock Tool. If you want to return to the lock request, but intend to search for buy side pricing again at a later time, click Float.

16. The buy side pricing is imported into Encompass. Click Get Sell Side Pricing to select sell side lock and pricing.


17. The Service View tab opens in Encompass and displays the Encompass Product and Pricing Service page. The product, rate, and price combination previously selected by the loan officer or in the secondary Get Buy Side Pricing transaction will be preselected. Click the selected Rate to return the information to the Secondary Registration Tool. Alternatively, with the best pricing for the selected rate displays in expanded mode at the top of the list.

18. Select the product and pricing for the sell side pricing, and then click Submit.


19. The product and pricing information is copied to the Sell Side Lock and Pricing column on the Secondary Lock Tool.

20. The gain or loss on the loan is calculated on the lower-right corner of the form based on the difference between buy side and sell side details.

21. Click Lock and Confirm to lock the loan and copy the snapshot data into the loan file.


Broker Edition With Encompass Broker Edition, a loan officer can use the Services tab in a loan file to access the Encompass

Product and Pricing Service, search for products and prices, and then import the product and pricing information into the loan file.

To Search for Products and Prices from the Services Tab: 1. Open a loan file, click the Services tab in the lower left pane, and then click Search Product and Pricing.

2. On the Product and Pricing window, click the All Providers tab, select Encompass Product and Pricing Service, and then click Submit.


3. On the Product and Pricing Request window, enter login credentials for the Encompass Product and Pricing Service, and then click Continue. If you need login credentials, ask your Encompass administrator..

4. The Services View tab opens in Encompass and displays the Encompass Product and Pricing Service page. If the loan contains all the required information, the page opens to the Qualify tab, which displays a

list of eligible products, rates, and prices. The product with the best pricing at the selected rate displays in expanded mode at the top of the list. Click any program name to open an expanded view of the program.

5. If required information is missing from the loan, the Please address the following section lists the information. Resolve the issues, and then click Qualify.

6. If views are enabled, select the Classic or BestEx view to see rates grouped by investor loan program or

unique loan product type.







8. Click the details link to view adjustment details for each rate and price combination.


10. To adjust your search criteria, enter values in the Target Price and Target Rate fields, and then click Go.


12. To search for agency or non-agency products, select or clear the Agency and Non-Agency check boxes as needed.

13. To view all products available, including those for which the loan is not eligible, select the Show ineligible check box at the bottom of the page.






Note: If the state and/or county is missing from the loan, a message stating the "State and County not specified" is displayed.



15. When the summary page displays, review the content and then click Submit or Float to import the pricing into the corresponding fields in the Encompass loan file.

Note: If you click Submit, you will be unable to run additional scenarios against the loan. If you click Float, you can continue to run product and pricing scenarios on the loan file.

using the encompass product and pricing service - ellie...

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