Wednesday, April 2, 2014

Just a quick note: As some of you may have experienced, many closings were cancelled on Monday and Tuesday due to Ellie Mae's Encompass system crashing. 20% of the mortgage industry is on the Encompass software and closing packages were unable to be created.   Many buyers and sellers were left with moving vans packed and no loan docs.  While this is unfortunate, and it has caused a slowdown in response time, we view this as a victory to our file flow process at 1st Portfolio.
(See below for national press quoting local and national companies struggling)    

Watch the Video below for additional commentary ... 

We currently use the Encompass system and we did not cancel one closing on Monday or Tuesday. It's a policy at 1st Portfolio that we get our loan packages out 2-3 days prior to closing - many companies say they do, but this illustrates who does and who does not. While Ellie Mae is still struggling to fix their system, we have yet to miss a closing as our HUD's and packages were out days in advance.   This is a testament to our streamlined process and having the appropriate model should issues arise. 

Who do you know that we may help?  We will always take excellent care of your referrals!

All the best,
Bob Rosenbaum


Robert F. Rosenbaum, Jr. 
NMLS License: 649782
Licensed in DC MD VA DE PA & FL

(703) 608-1110  |  Talk/Text

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