Technology for Mortgage Originators, Processors and Closers Comes of Age

Jonathan Corr, chief strategy officer of Ellie Mae, tells us about changes in the technology being used by mortgage professionals.

Oser: We're seeing big changes in the use of loan origination technology among loan officers, brokers and loan processors. What's going on?

JC: These days, mortgage professionals have come to expect more from their loan origination system. They want loan origination software that will provide them the forms they need, as well as help them generate more loans, process loans faster, and help them better manage their own business.

Oser: Tell us about Ellie Mae's Encompass loan origination system.

JC: The Encompass Mortgage Automation System is like no other loan origination program on the market. It makes it much easier for loan officers, processors and brokers to do their work quickly and cost-efficiently. Since it was first launched just a couple of years ago, it has been deployed by seven of the nation's top 10 brokerages as well as 135 of the nation's top 250 brokers. Over 119,000 people use Encompass, and that includes thousands of one-person to ten-person brokerages.

Oser: I understand that Encompass puts an end to the routing of loan files. How does it do that?

JC: Encompass empowers mortgage originators, processors and closers to work collaboratively. Instead of having information scattered on disparate computers, all data is stored in a single, centrally accessible data repository. The great thing about this is that mortgage originators, processors and closers can all view the same loan file at the same time, and can update it on a moment's notice. There's no need to route a loan file, and changes anyone makes to a loan file are automatically visible to all authorized users, keeping all key entities apprised of up-to-date loan information.

Oser: What can you tell us about Ellie Mae's new version of the software, Encompass 2.9?

JC: Encompass version 2.9 has just been released. It includes dozens of enhancements for new business development, loan processing, electronic document management, and security and administration. These include a compliance analyzer, a Spanish 1003, a new loan screening alert, and much more. As with all other improvements to Ellie Mae's software, upgrading to Encompass 2.9 is free for all Encompass users with current license agreements.

Oser: Unlike some loan origination systems which are rarely upgraded, I get the impression that Ellie Mae invests significantly into research and development. Is this correct?

JC: Yes, we're committed to adding enhancements to continually equip mortgage professionals with the best tools to originate, process and close loans. Not only do we anticipate what users will need, but we also respond to our customers' requests. We believe in listening to our customers and responding to their needs.

Oser: How hard is it to switch to Encompass?

JC: Users of loan origination systems such as Calyx® Point® appreciate Encompass' simple two-click import capability. This capability provides quick migration to Encompass-importing all pertinent files, settings, and data including loan programs, closing cost templates, custom letters/forms and more.

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