- Business Rules
Automation & Technology
VELOCIFY AND ELLIE MAE’S PATH TO A DIGITAL MORTGAGE
JOE TYRRELL, EVP, CORPORATE STRATEGY
In recent weeks, we’ve seen more and more buzz around the concept of a digital mortgage. There is no shortage of providers who claim to offer a digital mortgage, and yet, does anyone really know what that means? To some it’s a simple online application, a digital front end. But taking an application online is simply one piece of a very complicated process and that piece is only focused on the homebuyer experience, not the myriad professionals handling the mortgage behind the scenes. Others define a digital mortgage as an eClosing -- an electronic note or signing, recording or notarizing a document. Again, this is just one stage in the mortgage process.
At Ellie Mae, we believe that a true digital mortgage must encompass the entire loan lifecycle, from targeted marketing automation and digital lead generation all the way through automated investor delivery. It must address the front-end homebuyer needs for speed and transparency, as well as the lender needs to close more loans, close loans faster, reduce origination costs and leverage data and insights to make better, more informed business decisions. It must help a lender differentiate themselves from the competition, but also offer the flexibility to engage with the homebuyer how and when the homebuyer needs it, whether by email, phone, text or in person.
To that end, today we announced our intent to acquire Velocify®, a leading provider of cloud-based intelligent sales automation and lead generation/management software. This acquisition comes at a critical time for Ellie Mae and for lenders across the United States. The shift to a purchase-centric market has magnified the need for lenders — specifically their sales teams — to attract new homebuyers efficiently in order to increase volume without increasing costs. And with homebuyers across all generations looking for an experience that offers both high tech and human touch moments, we’re capitalizing on the opportunity to revolutionize the digital mortgage.
Going forward, by integrating Velocify’s technology with our own Ellie Mae Encompass® CRM and Encompass Consumer Connect® solutions, we’ll be able to accelerate our ability to offer lenders access to the mortgage industry’s first and only fully digital front-end experience from which to attract and convert leads and meet the needs of borrowers everywhere.
In addition, this acquisition furthers our mission to automate everything automatable in the industry with the only fully digital mortgage solution that helps lenders originate more loans, lower costs, and reduce time to close. To us it means that Ellie Mae’s technology powering the American Dream of homeownership just got more powerful.
We are targeting to close the acquisition in early Q4, so once we have closed, we will share more of our plans on how Velocify will help Ellie Mae achieve our goal of providing a truly digital mortgage. And of course, you can read the full press release here.
This press release contains forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding Ellie Mae’s ability to successfully integrate Velocify’s software solutions with Ellie Mae’s software solutions, the potential benefits of the combined software solutions as well as Ellie Mae’s ability to deliver its digital mortgage solution and the benefits of this digital mortgage solution. These statements involve known and unknown risks, uncertainties, and other factors which may cause actual results to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. Ellie Mae cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Ellie Mae expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.