Since yesterday, a Software used by Loan Officers and those in the mortgage industry has experienced Nationwide Outage. The software through Ellie Mae, known as Encompass has brought loan origination, underwriting, and closing almost to a stand still.
While some functions can still be performed, there are still many that either can not be performed, or require some type of back-up methodology.
For new loans, this does not create severe issues relative to the timing of closing loans, but mostly related to issues such as ordering credit reports and other file maintenance during the early processing of a loan.
Closings; however, are another issue. Some lenders such as myself, are still able to lock if we haven't already done so. Underwriting and the signing off of conditions, ; loan documents, and funding are another issue. Some lenders have been able to enact back-up manual procedures to skirt these issues, while other have not done so.
The issues lasted all day yesterday with Ellie Mae announcing late afternoon that technical issues had been resolved. However; early this morning all lenders using Encompass were notified again that issues had resurfaced overnight with Encompass still having the same issues so far today.
In the meantime, reports across the Country indicated that Realtors and Clients alike are outraged due to these issues. Many LO's report that no matter how they try to explain the issue that Realtor and client relations are being strained to the max.
To read the latest news regarding this issue, please visit the link below to an article in today's Mortgage News Daily for complete details.
As a loan originator myself, please know that all of us in the industry are doing our best during this very unusual technical crisis.
While frustrating, we hope and ask that you will be patient with all of us while industry experts Nationwide attempt to again resolve this frustrating issue.
Thanks for reading.
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