When is the File Created in the Encompass System?
When using LiteSpeed, the file is created in Encompass when the Borrower completes "Part One". This section includes basic information about the mortgage application, such as Purchase or Refinance, Occupancy Type, Property Type and Borrower Contact Information.
Once the Borrower completes "Part One," the file is immediately created in Encompass. The next step is for the Borrower to answer additional questions such as income, asset, and other relevant information. As the Borrower completes these additional actions, the file is updated with all of the pertinent information.
LiteSpeed was designed with this approach in mind so that Loan Officers can be sure to capture initial borrower information even if the borrower isn't prepared to complete a full application.