- Business Rules
Ellie Mae Leaders Drive Innovation Home at #EXP19
A riveting General Session has officially kicked off today’s activities at #EXP19! This morning, our Ellie Mae lineup of keynote speakers delivered compelling talks on our vision for delivering the technology powering the American Dream. First up at 8am, we heard Jonathan Corr (President & CEO, Ellie Mae) share his insights on how Ellie Mae is helping customers prepare for the upcoming URLA changes and the ways in which our solutions work together to help customers engage prospective homebuyers, close loans more efficiently, and purchase loans effectively.
Jonathan’s keynote opened with a hilarious and exclusive Ellie Mae custom song performed by two cast members of San Francisco’s Beach Blanket Babylon – the world’s longest musical revue, dazzling audiences for over 43 years. The impressive performances left the audience shaking with laughter and energy.
Following the performance, Jonathan welcomed this year’s attendees to the seventh annual Experience conference – a room buzzing with more than 3,000 mortgage industry professionals. Jonathan gave a high-level overview on the capabilities of Encompass Consumer Connect®, Velocify LeadManager®, Encompass Loan Officer Connect®, Encompass Investor Connect™ and Encompass TPO Connect® – solutions that allow lenders to stay connected on-the-go with their consumers, stay engaged through text with prospective buyers, convert interest into applications, shave minutes spent per loan file, and much more. He noted, “While consumers, especially millennials, increasingly want to start their mortgage journey online…they all want (and expect) a trusted partner that will help them navigate the complex aspect of this very significant transaction that they might not understand. And we understand that you expect the same thing from us.” Later on, Jonas Moe (SVP, Market Strategy, Ellie Mae) and Eric Connors (SVP, Product Management, Ellie Mae) would enter the stage and showcase what’s new with how Ellie Mae’s platform approach can help lenders engage, connect, and convert prospective homebuyers.
Next up, Cathleen Schreiner Gates (EVP, Sales & Marketing, Ellie Mae) took to the stage to give a preview of what’s to come throughout the week. Exciting activities at this year’s #EXP19 include the Exhibit Hall featuring 150 sponsors and exhibitors, nine individualized tracks covered throughout sixty breakout sessions, an all-new two-day Developer Summit, a full lineup of exciting keynote speakers including a panel of our Hall of Fame winners joined by Jordan Brown of MarketWise Advisors, and of course, our Ellie Mae Cares giving back activity that allows attendees to help build a tiny house that will be used to assist local families who might be struggling to find a safe and secure home.
Following Cathleen, Jonas Moe made an appearance to discuss the importance of engaging borrowers the right way, at the right time. Jonas opened with some key facts from our Borrower Insights Survey in which we surveyed 3,000 homeowners and renters. Of those respondents:
- Nearly half of all Baby Boomers found their lender through an existing bank or lender relationship, while 45% of Gen Xers and 41% of Millennials found their lenders through online search.
- About half of all borrowers chose their lender based on whether or not they offered an online portal or application.
- 54% of borrowers communicated with their lenders via email and 53% via phone, while 33% said they met with their lender in person often. Just over a quarter communicated with their lender via text.
The most important takeaways from these statistics? Our survey shows that homebuyers want to engage. Borrowers expect the home buying process to be faster and simpler. And in order to keep up with the trends, lenders have to be everywhere – consumers are finding lenders online, by mail, through referrals.
This is where Ellie Mae comes in with our platform approach to offering technology that saves time, simplifies key processes, saves money and opens ways to talk to someone when and how borrowers want, at any stage of the game. It’s driving innovation home with high tech and human touch. To talk more about this platform approach, Jonas invited up Eric Connors to the stage.
According to Eric, “In a world where everyone is using technology for the mortgage process today, the way you treat your homebuyers will be your ultimate differentiator – and the platform can get you there.”
To illustrate exactly how the platform can help lenders achieve success, Eric proposed three fundamental questions lenders should start out by asking themselves:
- How are you creating interest?
- How are you engaging the interested opportunities?
- How do you convert 100% of your opportunities?
To address each of these questions, he called upon his teammates Stephanie Durflinger (VP, Product Management, Ellie Mae), Matt Dowd (VP, Product Management, Ellie Mae) and Vikas Rao (VP, Product Management, Ellie Mae) to showcase Encompass Consumer Connect® & Encompass® CRM, Velocify by Ellie Mae™, and Encompass Loan Officer Connect®, respectively.
Stephanie Durflinger asserted that in order to attract customers, lenders cannot rely on just one marketing approach. They must stand out by making sure all opportunities to attract are being leveraged with an omni channel approach. That’s where our Direct Mail and Encompass® CRM solutions come in. Lenders can easily automate and personalize marketing to increase results. Once those homebuyers have decided to engage, Encompass Consumer Connect® will help continue the engagement through the closing of the loan. Stephanie demonstrated a number of exciting improvements for Encompass Consumer Connect®, including accessibility built into the code, the ability to brand the experience, single sign on capabilities, and ensuring Encompass Consumer Connect® sites are ready for the new URLA so our customers experience a seamless transition.
Next, Eric brought Matt Dowd to the stage to address the second question he proposed and expand on how lenders can engage the already interested opportunities. “The longer it takes to make the first contact, the more reduced your chances become of ever converting the borrower. This is why it’s crucial that you have visibility into your borrowers’ behavior.” With Velocify by Ellie Mae™, Loan Officers can easily follow up on an application and reach out to the borrower by phone, text or email to re-engage them. By providing Loan Officers with visibility into the customers’ shifting behavior, they can immediately engage to create a great experience – and even automatically schedule calls, emails or texts to be sent in a compliant manner. Through consistent and personalized communication, the borrower gains trust and is more inclined to establish a relationship with the organization.
Finally, Vikas Rao joined Eric on stage to show how the platform can help lenders convert 100% of their opportunities. Vikas demonstrated capabilities on Encompass Loan Officer Connect® that allow loan officers to connect with the consumer when and where they want to be reached, thereby providing the level of service that will differentiate them from the competition: essentially Encompass on-the-go. In addition, Vikas shared that Encompass Loan Officer Connect® also improves efficiency by providing the ability to automate service ordering, bringing us one step closer to automating everything automatable and converting every single opportunity that comes through.
Together, Eric and Jonas closed the keynote with a reminder that every capability seen on the stage is available to lenders today. The pair left the audience with one final parting thought: “This is the journey that we are all on together to deliver the true digital mortgage…Together we are driving innovation home. Thank you!”
Stay tuned for the full video of our Tuesday Keynote presentations.