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#2019492 - 06/10/15 02:34 PM
Re: LOS, vendors, and testing -- Status?
Sinatra Fan
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Diamond Poster
Joined: Sep 2003
Posts: 2,162
New England
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1.What vendor and LPS are you using/will you be using? Ellie Mae's Encompass 2.Have you received any updates (beta or other) for testing? No. Supposed to release on June 18 3.Have you started "kicking the tires" to see how the system will work? (see previous answer) 4.Is the vendor confident it will deliver a finished product in time? We have always had good experience with Encompass and regulation changes. 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? Uh, not too sure. I think we will get parameters up on time, at least for the LE; training will no doubt be compressed. 6.Will the LPS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? I would be absolutely stunned if they don't. 7.Is the vendor receptive to feedback and willing to work with you? They always have been in the past. 8.Other feedback or concerns? Ditto for us.
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#2019574 - 06/10/15 05:45 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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New Poster
Joined: Sep 2013
Posts: 15
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1.What vendor and LOS are you using/will you be using? BYTE 2.Have you received any updates (beta or other) for testing? YES WE HAVE, AND I AM SO EXCITED!!! 3.Have you started "kicking the tires" to see how the system will work? I HAVE AND AM REALLY PLEASED WITH THE RESULTS 4.Is the vendor confident it will deliver a finished product in time? YES THEY ARE 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? I HOPE TO HAVE THINGS ALL SET TO BEGIN TRAINING JULY 1, ITS LOOKING REALLY GOOD. 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? YES 7.Is the vendor receptive to feedback and willing to work with you? YES 8.Other feedback or concerns? FROM WHAT I AM SEEING SO FAR, ITS NOT SO BAD.
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#2019576 - 06/10/15 05:47 PM
Re: LOS, vendors, and testing -- Status?
Cornfed Turtle
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Power Poster
Joined: Oct 2000
Posts: 5,992
Soaring over Georgia
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BeechFlyboy:
Did you get 15.1 already from Ellie Mae or do you have some double secret test version? We don't have an Encompass update yet and I'm scared....very scared. There is a hands on training session scheduled but it's in July.
We are on version 15.1.1 in our test environment. I don't know if that's the double secret test version or not.
_________________________
Jim Bedsole, CRCM, CBA, CFSA, CAFP My posts - my opinions
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#2019945 - 06/11/15 06:53 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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100 Club
Joined: Jan 2007
Posts: 227
Southern US
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Also Wolters Kluwer Compliance One Mortgage and I have the same response as RR Joker.
_________________________
"Success is going from failure to failure without a loss of enthusiasm." - Sir Winston Churchill
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#2020000 - 06/11/15 09:33 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Diamond Poster
Joined: May 2011
Posts: 2,004
Idaho
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Update on CRIF's Mark IV LOS. We just found out that their update won't be available until June 30th, and they are expecting to have several "hot fixes" after that (they don't sound too confident). To make matters worse, when we asked them how they will accommodate trusts being added to the mix (Mark IV only handles consumer loans), they hadn't heard that some loans to trusts will fall under the new rules. They took the reg citation (that I provided them) to their compliance department, and they said it wasn't a compliance issue!! I'm ready to switch vendors, but it's much to late for that.
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All opinions are my own, not my employer's
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#2020503 - 06/15/15 06:28 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Platinum Poster
Joined: Jan 2015
Posts: 652
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Fiserv EasyLender was to release a final install for testing today but will not be providing now until June 19th. Documents will not be available to the "test group" until the end of the month. If the test group is getting the docs at the end of the month, I worry when the final release will be to those outside the "test group".
_________________________
If at first you do succeed....try something harder -fortune cookie
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#2020552 - 06/15/15 07:58 PM
Re: LOS, vendors, and testing -- Status?
RVFlyboy
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Gold Star
Joined: Nov 2004
Posts: 313
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BeechFlyboy:
Did you get 15.1 already from Ellie Mae or do you have some double secret test version? We don't have an Encompass update yet and I'm scared....very scared. There is a hands on training session scheduled but it's in July.
We are on version 15.1.1 in our test environment. I don't know if that's the double secret test version or not. We are on version 15.1.1.1 Anyone know if that's the super secret version? I was told we had the most updated and that testing could ensue at anytime... however, finding time to get started has been a challenge. If we don't yet have the capability, I guess I'll push everything back! I saw reference to both June 13th and June 18th so hopefully access to the new and improved is just around the corner for everyone.
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#2020713 - 06/16/15 05:13 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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New Poster
Joined: Mar 2008
Posts: 1
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1.What vendor and LOS are you using/will you be using? D&H E3 2.Have you received any updates (beta or other) for testing? Yes 3.Have you started "kicking the tires" to see how the system will work? Just a small amount of time 4.Is the vendor confident it will deliver a finished product in time? Yes 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? Worried about lack of time for true testing in order to get all kinks out prior to going live. 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes 7.Is the vendor receptive to feedback and willing to work with you? Yes 8.Other feedback or concerns? I am interested to know why the CFPB thought August 1st was the best date for implementation. Summer is always the busiest for banks, especially in the mortgage arena and vacation schedules are heavy. This is terrible timing!
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#2020862 - 06/16/15 09:55 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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100 Club
Joined: Feb 2011
Posts: 144
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What vendor and LOS are you using/will you be using? Morvision Have you received any updates (beta or other) for testing? Yes, but are told there will be at least on additional to be released 7/1 Have you started "kicking the tires" to see how the system will work? Yes Is the vendor confident it will deliver a finished product in time? Yes How confident are you that the system will be ready in time to allow for setting up parameters and training? It will be tight, but we are confident that we will have processes/procedures and LOS training complete in time. Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes Is the vendor receptive to feedback and willing to work with you? Receptive, yes, willing to work with us, we shall see! Other feedback or concerns? The delay on the second update (7/1)
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#2021231 - 06/18/15 03:50 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Junior Member
Joined: Mar 2014
Posts: 47
OK
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1.What vendor and LOS are you using/will you be using? LaserPro for In-house and Calyx for 2nd Mkt. 2.Have you received any updates (beta or other) for testing? Ditto as others have commented on these two systems 3.Have you started "kicking the tires" to see how the system will work? Not yet. 4.Is the vendor confident it will deliver a finished product in time? I've been told so. 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? Fairly confident. 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? They say so. 7.Is the vendor receptive to feedback and willing to work with you? Others work directly with these vendors. 8.Other feedback or concerns? Glad to see the proposed delay for start date from Aug 1st to Oct 1st. We are in the middle of a platform conversion that will take place in mid-August.
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#2021816 - 06/22/15 03:21 PM
Re: LOS, vendors, and testing -- Status?
Bullseye
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Gold Star
Joined: May 2005
Posts: 298
Maryland
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As of this minute, this topic has 269 views, but only 13 replies. Am I the only one who finds such a low level of response strange?
Our software has already been mentioned and I really don't have additional comments to add. Same here.
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#2021825 - 06/22/15 03:45 PM
Re: LOS, vendors, and testing -- Status?
Truffle Royale
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10K Club
Joined: Jul 2003
Posts: 17,410
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But we think it would be a powerful message to send to the CFPB if we could get MAJOR participation on this thread, so I encourage all who are able to tell it like it is. Bullseye and JacksTigger, it sounds like it would be helpful to know who your providers are so MB can add a tickmark in the corresponding column on her list. Adding at least a small comment about being overwhelmed is the part MB is looking for to be able "...to send a powerful message to the CFPB." This is back on page 1 so just to reiterate that mentioning your provider at the very least gives Mary Beth another tally mark to add.
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#2021828 - 06/22/15 03:49 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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10K Club
Joined: Jul 2001
Posts: 84,333
Galveston, TX
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While it is still nice to know the status of the vendors, it is sort of a moot point now that the CFPB has granted a two month extension.
It is the last one we will see.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2021846 - 06/22/15 04:19 PM
Re: LOS, vendors, and testing -- Status?
rlcarey
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10K Club
Joined: Jul 2003
Posts: 17,410
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While it is still nice to know the status of the vendors, it is sort of a moot point now that the CFPB has granted a two month extension.
It is the last one we will see. ??? Last I heard they were going to issue a proposal for a two month extension. Is it now official and I missed it?
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#2021848 - 06/22/15 04:20 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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10K Club
Joined: Jul 2001
Posts: 84,333
Galveston, TX
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The proposal and comment period are just a formality, it is a done deal.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2025261 - 07/05/15 03:11 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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100 Club
Joined: May 2005
Posts: 131
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- What vendor and LOS are you using/will you be using?
- Have you received any updates (beta or other) for testing?
- Have you started "kicking the tires" to see how the system will work?
- Is the vendor confident it will deliver a finished product in time?
- How confident are you that the system will be ready in time to allow for setting up parameters and training?
- Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15?
- Is the vendor receptive to feedback and willing to work with you?
- Other feedback or concerns?
1 - LaserPro for in-house loans, Mortgagebot for Freddie Mac; both are products of D+H 2 - Yes, installed and started testing the most recent LaserPro update last week. Mortgagebot is totally new to us, and we are still in the implementation phases. 3 - Yes, and it hasn't been pretty. 4 - They say they are confident they'll be ready, I'm just not sure I believe them... 5 - Not very, based on what I've seen so far. 6 - In theory, yes. 7 - Our sales rep says they are receptive to feedback, but when we submit a case to customer support, not so much. 8 - LOTS of concerns, from short timelines, to staffing, to recalcitrant vendors. At least twice now I've had to notify Mortgagebot of errors where they were providing incorrect information in the documents - Mortgagebot was applying a (Ky) state statute to us (a bank) that actually only applies only to mortgage companies/brokers; which resulted in the wrong form being generated.
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#2027814 - 07/17/15 02:29 PM
Re: LOS, vendors, and testing -- Status?
JWills, CRCM
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Gold Star
Joined: Nov 2003
Posts: 277
East Texas
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Well, I can say exactly the same as J Wills as shown below. I am not confident at all with what we have seen so far. And to top it off, we get no help by way of a "grace period" to learn what does or doesn't work when D-Day comes!! I see a lot of processor struggles and compliance people completely stressed because there is absolutely no room to make an error and correct it. A change of this magnitude should have time for us to work out the bugs, because as we can already see, there ARE bugs! 1. Jack Henry Onboard, switchng to Dynamic Wolters Klewers forms 2. We are in the process of switching over 3. See #2 4. I assume they are, We on the other hand are not. 5. Not confident. 6. Supposedly 7. Most of the time, but this hasn't been tested. 8. I am seeing a general wave of panic coming. No time to test, or make adjustments prior to 8/1/15, and the CFPB not willing to cut anyone any slack.
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#2027947 - 07/17/15 05:52 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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10K Club
Joined: Oct 2000
Posts: 40,086
Cape Cod
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Well it's clear that August 1 ain't the date any longer, and it's likely we are getting a two-month and two-day reprieve. Lenders would be crazy to back off on their pressure on vendors, though. If you're lucky, you may have a little more test and fix time.
_________________________
John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#2028050 - 07/17/15 09:11 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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New Poster
Joined: Apr 2015
Posts: 7
California
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We will be using LaserPro. We don't originate closed-end consumer mortgages, but we do originate bridge loans and construction loans. A lot of preparation for very few loans.
Last edited by Gryphin, CRCM; 07/17/15 09:12 PM.
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#2028491 - 07/21/15 05:32 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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100 Club
Joined: Apr 2013
Posts: 110
Texas
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1.What vendor and LOS are you using/will you be using? Ellie Mae/Encompass 2.Have you received any updates (beta or other) for testing? yes 3.Have you started "kicking the tires" to see how the system will work? yes 4.Is the vendor confident it will deliver a finished product in time? they say they are........ 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? very 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes 7.Is the vendor receptive to feedback and willing to work with you? Yes 8.Other feedback or concerns?
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#2031739 - 08/05/15 01:21 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Platinum Poster
Joined: Jan 2015
Posts: 652
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Has anyone received documents from their LOS/Vendor that actually work? We received documents that were a disaster and I sent in a spread sheet with over 25 issues for correction. We are now looking at 8/14/15 as a potential date to receive documents that might work. Is it just our LOS and Vendor?
_________________________
If at first you do succeed....try something harder -fortune cookie
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#2031745 - 08/05/15 01:26 PM
Re: LOS, vendors, and testing -- Status?
Luv2run
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100 Club
Joined: Dec 2013
Posts: 238
Land of Oz
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Has anyone received documents from their LOS/Vendor that actually work? We received documents that were a disaster and I sent in a spread sheet with over 25 issues for correction. We are now looking at 8/14/15 as a potential date to receive documents that might work. Is it just our LOS and Vendor? Our experience with our LOS is very similar to yours. While we've been able to test the documents since June 1st, there are a lot of issues. We have received one update and should get another next week. I think they plan on 2 more updates before 10/03.
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