1. Dynamic Data Management (DDM) – Overview and Benefits
Dynamic Data Management (DDM) is a scenarios-based rules engine that ensures that the value of any fee or field is automatically populated for various loan scenarios, defined by the administrator. With DDM, you can control the order of operations and ensure that the relevant field value is populated for that scenario.
DDM is easier to organize and maintain. It helps overcome the challenges associated with maintaining hundreds of closing cost templates and provides better visibility into the rules that have been set up by the Encompass administrator. With DDM, you can create a look-up table for a fee or a field based on multiple variables. This eliminates complex advanced code and makes it easier to maintain the rule as changes happen.
DDM also provides more possibilities for automation. For an end user, it is about minimizing data entry and having accurate/consistent data in the loan. With automation, you can reduce origination costs and time.
2. Top Use Cases for DDM
The following two categories of use cases are the most recommended for DDM:
Migrating field triggers that run advanced code, update the value of one or more fields, and, copy new value into one or more fields – Triggers that run advanced code are one of the best instances where DDM can be implemented since DDM help eliminate advanced code with Data Tables, provides advanced visibility into and easier maintenance of the rule.
Moving fees from closing cost templates –High-maintenance lender fees such as Underwriting, or Processing fees are the best ones to target since using DDM eliminates the challenge of updating hundreds of closing cost templates when these fees change.
3. When Do DDM Rules Run?
Before we configure DDM, it is important to understand when and where these rules run. By default, DDM rules run when an existing loan file is updated and then saved, or when a loan is created by importing a loan file. The rules run in the following instances in SmartClient and Encompass Connect products:
On Encompass Consumer Connect, when an application is submitted, and a loan is created
On Encompass TPO Connect, when a loan is registered and submitted/saved
On Encompass Loan Officer Connect when a loan is created or saved
The rules also run when your custom application built using SDK or API creates or updates a loan.
Please let me know if you want to know more or want it to be implemented.
