Norcom Mortgage Increases Loan Volume and Improves Borrower Satisfaction with Ellie Mae's Encompass LO Connect
Mobile solution offers LOs secure, real-time access to Encompass for faster response times, greater productivity and a competitive edge
PLEASANTON, Calif. – September 23, 2019 – Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that Norcom Mortgage has increased loan volume and improved borrower satisfaction with their implementation of Encompass LO Connect™, the mobile solution for LOs on the go.
Norcom Mortgage, headquartered in Avon, Conn., was experiencing a shifting business model from referral to online, that increased competition for borrowers and emphasized the need for faster response times.
“We were looking for a secure way to give our loan officers mobile access to their files so they could do business when they weren’t in the office,” said Sam Lerner, Vice President of Lending Information Systems for Norcom Mortgage. “If you are not the first to get back to that customer, someone else will. We knew that giving our loan officers a mobile solution that let them respond quickly to borrowers would translate into more deals coming through and more pull through on those deals.”
LO Connect enables loan officers to originate from anywhere, increasing productivity, efficiency and customer service while ensuring compliance throughout the loan lifecycle. The solution features the highest level of data access with built-in security and is configurable to unique loan officer needs. LO Connect is included at no additional cost to lenders leveraging the Encompass™ Digital Lending Platform.
Norcom Mortgage rolled out LO Connect to their 120 loan officers. Since the implementation, Norcom Mortgage has seen significant improvements across a number of areas of its business including an increase in origination volume and a record-breaking month in June of 2019. With LO Connect, Norcom Mortgage was able to enhance borrower communications, stay engaged, and deliver a superior experience.
“You don’t have to have the best rates, but if you provide borrowers with the best experience, they’ll come back to you almost every time,” Lerner said. “Encompass LO Connect enables our loan officers to provide that level of service. It’s a competitive advantage.”
In the last six months, Ellie Mae has experienced a 29 percent increase in the number of lenders leveraging LO Connect and the number of users has increased by 66 percent. Ellie Mae recently announced new functionality for LO Connect to:
- Price loans and lock in pricing with Encompass Product & Pricing Service or Optimal Blue
- Experience seamless automated underwriting with Fannie Mae’s Desktop Underwriter® or Freddie Mac’s Loan Product Advisor(sm)
- Request eConsent and eSign for loan documents
- Send eligibility letters to borrowers
“We know that in today’s competitive market, service is a key differentiator and a loan officer’s ability to stay engaged is critical to their success,” said Joe Tyrrell, Chief Operating Officer, Ellie Mae. “We’re proud to partner with Norcom Mortgage and help their loan officers drive greater volume while improving homebuyer satisfaction.”
For more information about LO Connect, visit https://www.elliemae.com/encompass/encompass-lo-connect
About Ellie Mae
Ellie Mae 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.
# # #
© 2019 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.