Under pressure from a tight credit and regulatory environment, companies in the mortgage space have responded by leveraging technology to gain more ground. In some cases this has meant adapting current systems to accommodate new processes, and in others, it has meant creating entirely new mortgage technology products.
In this section we highlight products that are game-changers for companies working hard to adhere to regulations while still providing great service to their clients. The list features products ranging from new mobile platforms to a loan-level audit capability that will reshape the way audits are done for years to come.
By tackling the challenges head-on, these companies are setting themselves up for long-term success. The efficiencies they see today will continue to pay dividends in the future as they realize significant gains from a faster, more streamlined process.
Encompass Product & Pricing Service is a natural fit for Ellie Mae’s vision of automating the entire mortgage loan lifecycle process. The service helps lenders, originators and borrowers save time with advanced decision-making capabilities. It also helps users with automated workflow efficiencies, while keeping data accurate within one system of record, the Encompass LOS.
This feature-rich solution means that users and borrowers can quickly find a variety of qualified loan product offers to compare, which lets them easily choose the best product.
In addition, users get up-to-the-minute investor pricing and easy access to investor guidelines.
“As a part of the Encompass mortgage management solution, the Encompass Product & Pricing Service saves our lenders’ time, since they can access loan pricing options right within Encompass,” said Jonas Moe, vice president of product strategy at Ellie Mae.
“It’s also tightly integrated with our compliance engine, Encompass Compliance Service, powered by Mavent, which performs automated compliance tests and reviews throughout the entire loan process.”
Using the service also increases users’ bottom line. In fact, a recent MarketWise Advisors ROI study showed that users saw as much as $970 of added value per loan with Encompass. This came about through improved compliance, loan quality and efficiency when using the integrated products and services within the full Ellie Mae suite.
“The results indicate measurable competitive advantages such as a reduction in origination costs, improved operational efficiencies, loan quality and compliance, and improved bottom-line profitability,” Moe said.
The service also offers Best Execution features to easily view the best pricing available on loan products. And, the Historical Pricing feature helps users to easily view pertinent archived loan pricing information and auto-lock capabilities to eliminate manual intervention and further automate the lock process.
Encompass Product & Pricing Service also helps lenders stay compliant with LO Comp, Ability-to-Repay/Qualified Mortgage standards, and other regulations, thereby lowering risk and increasing margins.
The push for a better, more comprehensive mortgage loan process is a crucial part of Ellie Mae’s culture.
Ellie Mae has an entire product strategy team looking at new ways to extend Ellie Mae’s offerings to the mortgage industry, including an Innovation Day, where employees are encouraged to set aside time to innovate and submit those ideas.
The company also recently launched the Ellie Mae “Idea Center” as a way for its customers to suggest innovative ideas in a forum environment, and it gives other customers the opportunity to interact and vote on those ideas.
“Ellie Mae is continuously innovating,” Moe said. “We utilize a variety of methods with our client base to garner their input that informs and influences our roadmap.
“These input touchpoints include direct client feedback, focus groups, our annual user conference, surveys, and robust research projects and, of course, our Idea Center.”
The company is currently working on integrating other synergistic Ellie Mae products into its offering, including AllRegs Market Clarity, a web-based business information tool that helps lenders manage investor information and gain detailed insight to investor product details.
This insight adds additional value to the information already provided within the Encompass Product & Pricing Service.
“Encompass Product & Pricing Service is just one aspect of the ‘all-in-one’ solution that Ellie Mae offers our clients. The ability to price mortgage loans within one system of record helps drive accuracy and efficiency and ensure loan quality and compliance,” Moe concluded.