- Business Rules
Ellie Mae's Encompass Consumer Connect Strengthens Identity, Employment AND Income Verification Services
Encompass Consumer Connect Momentum Highlights Integrations While Building Homebuyer Engagement and Digital Mortgage Efficiencies
PLEASANTON, Calif. – December 18, 2018 – Ellie Mae® (NYSE: ELLI), the leading cloud-based platform provider for the mortgage finance industry, announced enhancements to Encompass Consumer Connect™ that include identity, employment and income verification. These enhancements help lenders engage with homebuyers and provide a more streamline application process to help foster interest, engage borrowers and convert opportunities.
The enhancements include the integration of Experian’s CrossCore™ platform, which enables lenders to use a passive, multi-layered approach to establish identity and assess risk, providing a positive experience for borrowers. Mortgage lenders can combine historical data, such as demographic information, and first-party fraud risk assessment with step-up authentication methods to verify an individual during the application process. Upon submission of the loan application, the data is immediately sent to the identity verification provider and a report is generated and sent to the Encompass® eFolder within one hour of submission.
Since the launch on July 9, 2018, Encompass Consumer Connect continues to add key functionality which now includes support for Verification Services that provides lenders the ability to automate borrower identity, employment and income verification to achieve Day 1 Certainty from Fannie Mae to close loans faster.
In addition to providing a seamless digital experience for homebuyers, Encompass Consumer Connect helps lenders close loans faster. Since the launch of Encompass Consumer Connect, Ellie Mae has seen significant momentum including more than 500 clients with more than 2,000 unique sites and more than 140,000 applications in progress. Some lenders are seeing a three-day reduction in turn times from application to underwritten loan.
“At Experian, we are constantly innovating to modernize the mortgage process and support the industry’s evolution,” said Michele Pearson, general manager of Experian Mortgage. “We’re proud to work with Ellie Mae to maximize the power of data and analytics to more quickly and accurately authenticate prospective borrowers, while helping businesses make smarter lending decisions.”
Encompass Consumer Connect gives Ellie Mae Encompass™ lenders the ability to offer a consumer web experience that goes beyond a mere online application. It is truly a state-of-the-art, completely customizable, branded and engaging digital mortgage experience for homebuyers – accessible from any device.
“Lenders are looking for more efficient ways to engage homebuyers and with these updates to Encompass Consumer Connect, we’re making it easier for borrowers to complete their loan applications,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “Our recent enhancements to Encompass Consumer Connect offer identity, employment and income verification and an integration with Experian that simplifies and expedites key verification activities for an improved borrower experience.”
Encompass Consumer Connect offers:
- Modern, responsive design: Homebuyers can easily access and navigate the lenders’ site and application from any desktop, laptop, tablet or smartphone, anytime and anywhere at their convenience.
- Easy configuration and controls: Lenders can control and customize their site design, application flow, specific business process workflow and ensure consistency of their unique and specific brand.
- Easily complete applications & automated digital mortgage workflows: From the easy-to-use online application, lenders can automate and authenticate data collection and verification, including employment and income verification as well as identify verification from Experian, which improves loan accuracy and time to close rates.
- Secure online borrower portal: Lenders save time by giving consumers a paperless way to collaborate with lenders by allowing them to drag and drop documents or images into the portal, upload photos from a phone, eSign documents and receive real-time updates.
- Built-in business intelligence: Lenders will gain insight into consumer engagement and keep consumers connected with immediate follow up.
- Reduced closing times: Lenders will automatically receive applications in Encompass underwritten by Fannie Mae’s Desktop Underwriter® or Freddie Mac’s Loan Product Advisor(sm) to help close loans in fewer days.
- Native compliance: Whether or not a consumer completes the entire application, Consumer Connect leverages the business rules within Encompass to ensure lenders are alerted to any compliance obligations they may have, even with incomplete or abandoned applications.
For more information about Encompass Consumer Connect, visit: www.elliemae.com/consumer
About Ellie Mae
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
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