Why should I choose Encomia?
We are a technology vendor focused on serving the financial services, building and home-lending industries with our enabling technology. We do not propose to displace or disrupt current systems or processes. We favor a phased approach with wins at each level. Custom work and services are not our profit center; we are not a consultancy looking for large projects to staff and manage.
What differentiates Encomia from competitors?
What does eLending mean to me?
- We are an end-to-end electronic lending solution offering support for disclosures, closings, storage, registration and recording.
- We are the first company to successfully deploy an eVault.
- Encomia is one of the few technology providers in production with the MERS eRegistry for electronic mortgages.
- Our solution enables a phased approach to implementation rather than back-loading the ROI to the end of a long implementation.
A fully electronic lending process gives you the ability to streamline the loan production cycle, gain efficiencies and reduce the costs starting at origination and ending with the sale to an investor.
Will I have to purchase a multitude of systems to make the eLending process work?
Encomia provides an end-to-end electronic mortgage solution that gives you the ability to implement at the pace that fits into your business plans. Encomia’s eVault works seamlessly with all other software modules (Print2SMARTDoc, eDisclosure, eSign), so there are no compatibility issues. Working with our entire suite reduces deployment time, cost and risk.
Do I have to use all of Encomia’s end-to-end offerings?
No, each solution can stand alone, and each also delivers its own ROI.
How do eDisclosures work?
The loan officer simply prints upfront documents to a virtual printer, and then sends an invitation to the borrowers to sign. Borrowers receive an email with a link to a secure server, where they can view, sign, and print their application and disclosures.
Can borrowers use one email account for two people?
Yes. Each borrower will receive a separate invitation at their email address of choice, even if it is a shared address. The borrowers are distinguished by the link that they click on to sign, as well as the personal information that exists for each in the loan package.
What loan origination systems does Encomia work with?
EEncomia can work with most LOS systems that support custom documents or can export to XML format. Encomia’s eDisclosure product works standard with both Calyx Point and Encompass. Professional services are available for integrating into other LOSs.
How long is the implementation process?
For a standard setup with already integrated LOS package, it typically takes just a few business days to fully implement the software. The process is relatively simple: first the user will install the Encomia Print2SMARTDoc virtual printer driver, next we will review your disclosure package for non-standard content and provide training in how to map custom documents.
Is there any cost to get started?
There is no cost to get started with a standard setup. Fees apply to custom work; please check with the sales department for information on your individual needs.
Is customization of the software and logos possible?
Yes, we offer a broad range of customization, including private-label branding of the software. Prices are available upon request.
Are electronic security instruments safe?
eNotes are safe and more resistant to post-closing tampering than paper Notes. Each eNote contains an industry standard “tamper seal”, which is a digital signature that can be checked at any time to authenticate that the eNote has not been altered since it was signed at the closing table. The tamperseal never expires. For mortgages, Encomia's eSign tamperseal is MISMO standards compliant and has been verified by the MERS eRegistry and Fannie Mae in live closings.
How do eClosings work?
eNotes are easier to prepare, the closing lead time is reduced and the borrower is able to access loan documents via the web prior to closing. The borrowers experience is improved with the ability to verify the accuracy of loan document information prior to the closing. Since the borrower has already reviewed and signed their non critical documents prior to closing, the actual closing of the loan takes less than 15 minutes.
How do you ascertain who owns an eNote?
In the paper world possession of the paper Note asserts ownership. This creates the need to store paper documents and to mitigate risk associated with the transport of the Note (while it is in the hands of a courier service, etc.). Ownership of an eNote does not rely on possession of the asset – the MERS eRegistry provides a nationwide secure registry of ownership of mortgage eNotes. Each eNote has a unique tamper-seal signature – this signature, when married with a MERS Identification Number (“MIN”) uniquely identifies an eNote and can be used to assert the validity of the eNote by verifying the tamper-seal.
How do I sell an eNote?
Use of electronic vaults allows one party to transfer ownership of an eNote to another party in a secure and controlled fashion, where all parties must agree for the transfer to occur. Fannie Mae has been purchasing eNotes for years, including some produced by Encomia eSign and forwarded through Encomia eVault.
What does an eVault mean to me?
An eVault will give your organization the ability to securely store, share and transfer original collateral and servicing documents. Documents will be delivered immediately for safe keeping, enabling you to share access to the collateral with both internal and external sources such as lenders, investors, servicers, document custodians and warehouse lenders all via the web.
How will eVault save money?
Our robust auditing capabilities enable the bank to verify the accuracy of loan documents real-time therefore eliminating errors and giving you the ability automate the certification process. Other cost savings can be obtained from:
Is an eVault secure? How?
- Elimination of printing & faxing of paper
- Elimination of shipping costs
- Costs with a physical Vault storage
- Fully integrated with the MERS eRegistry
- Unlimited auditing capabilities
- Certification time
- Instant and automated loan delivery
Yes - the Encomia eVault does not permit external access to its database. It requires that anyone logging into the system to have a digital certificate, which is checked against the database for authenticity, as well as real-time verification of each digitally signed request. It is virtually impossible for anyone to issue a command to the eVault server without being the person they say they are. Failed log in attempts are logged. The data in the Encomia eVault database may optionally be encrypted. It may also be stored in an external data store, such as an EMC Centera device, for maximum isolation and security.
Will the eVault integrate with other applications?
System-to-system integration is recommended with the eVault, allowing you flexibility and ease of use with all business partners. Business is transacted in real-time via web services using Encomia’s SOA (service-oriented architecture) for paramount performance.
What can the eVault be used for?
The eVault can give your organization the capability to support multiple lines of business such as process-first mortgages, home equity, consumer and retail loans. All loan processing departments will gain efficiencies and recognize cost savings immediately.