- Business Rules
Ellie Mae's True Digital Mortgage Reduces Application Close Time by Three Days
Encompass Consumer Connect Momentum Highlights Homebuyer Engagement, Lead Management & Digital Mortgage Efficiencies
PLEASANTON, Calif. – Sept. 17, 2018 – Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, announced that since the launch of Encompass Consumer Connect™ in early July 2018, over 1000 unique lender sites have been established and over 6,000 unique borrowers have created accounts to complete home loans. This momentum in the Consumer Engagement Suite highlights the need for digital mortgage solutions to help create interest, engage leads and convert opportunities.
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. The solution is provided at no additional cost to Ellie Mae Encompass digital mortgage customers.
In addition to providing a seamless digital experience for homebuyers, Encompass Consumer Connect helps lenders close loans faster.
"We've seen a three-day pickup in our turn times from application to underwritten loan using Encompass Consumer Connect," said Andria Lightfoot, Senior Vice President, Information Systems, George Mason Mortgage, LLC. "Many systems do an excellent job with online applications, but don't continually engage the customer to reinforce the borrower-lender relationship. Ellie Mae knocked it out of the park on that point."
“We know that in today’s market, lenders need to redefine how they are engaging consumers,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “With Encompass Consumer Connect, lenders are able to engage and provide visibility to consumers throughout the entire process, not just during the application portion, which is only twenty minutes of a thirty-day consumer experience. By integrating Encompass Consumer Connect with our Velocify solution, our lenders can now ensure that no consumer interest falls through the cracks which is leading to faster time to close.”
As part of the Consumer Engagement Suite, Encompass Consumer Connect ensures no borrower gets left behind while applying for an online loan. Abandoned online applications can be instantly sent to Velocify by Ellie Mae™, the leading sales engagement software, helping loan officers stay engaged with potential borrowers during the critical decision-making stage of the loan origination process. The result is greater consumer engagement, a better borrower experience and increased business for lenders. In addition, Encompass Consumer Connect provides a comprehensive and intuitive borrower portal to keep the consumer informed of any items needed from the consumer, as well as current loan status, throughout the entire process.
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: Lenders can automate and authenticate data collection through integrated services, such as pulling a credit report and online asset verification, which allow consumers to accurately complete loan applications in less time.
- 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.
- More automation: 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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© 2018 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, Mavent®, Velocify®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.