As the mortgage industry faces a new president potentially changing regulations and shifting market dynamics, the ability to adapt quickly is going to be a key differentiator for lenders in 2017.
Ellie Mae recently announced its next-generation open lending platform, the Encompass Lending Platform, to deliver innovative capabilities to help lenders and partners, accelerate time to market and improve efficiency, loan quality and compliance.
“With a platform approach to lending, the opportunities and ideas are endless. The Ellie Mae Encompass Lending Platform puts more power into the hands of our customers, partners and developers, enabling them to rapidly extend, integrate, and build new capabilities with Encompass that serve to differentiate and grow their businesses,” said Jonathan Corr, president and CEO, Ellie Mae.
The platform approach means lenders and service providers can innovate faster, bringing customized solutions to market in a short timeframe.
It also provides access to data across the mortgage ecosystem for lenders, partners and third-party providers, increasing visibility and increasing collaboration.
“Everyone involved in the mortgage process can easily share, interact and collaborate without having to create and support new channels,” Corr said. “A shared system of record allows all parties to see the same up-to-date information in the same format.”
But Ellie Mae isn’t stopping with its new platform. The company is also developing a suite of Application Program Interfaces (APIs) and developer resources to enable lenders to extend Encompass with new functionality, easily integrate Encompass with external systems and data, and build custom applications in the cloud.
The Lending Platform includes APIs for loan data, loan view, loan events, documents and order services. Customers and developers can conduct multiple data extracts or warehouse-type integrations, as well as access loan data from open or closed loans in Encompass.
Leveraging these APIs, Ellie Mae has built a suite of applications, branded as the Encompass Connect solutions, that will help improve visibility and collaboration between loan officers, third-party originators, developers and homebuyers.
“The Encompass Connect solutions provide unique user interfaces and functionality so the various parties involved in the mortgage process can be more efficient and collaborative,” Corr said.
The first Encompass Connect Solutions include:
• ENCOMPASS TPO CONNECT
Offers wholesale and correspondent lenders a modern and collaborative web experience for their third party origination partners that promotes compliance, data integrity, and easy sharing of data and documents, as well as bi-directional communication throughout the loan process.
• ENCOMPASS LOAN OFFICER CONNECT
Provides a fast and easy way for loan officers to originate and track the progress of loans securely and instantly from any device, including mobile phones.
• ENCOMPASS CONSUMER CONNECT
Enables lenders to deliver a state-of-the-art engaging, self-service online loan origination experience for homebuyers that lenders completely control and can easily create.
• ENCOMPASS DEVELOPER CONNECT
Provides developers with APIs, tools and a comprehensive developer portal they can use to create new features for Encompass, easily integrate Encompass with external systems and data, and build and deploy custom applications in the cloud.
“The Encompass Lending Platform, the APIs and the Encompass Connect solutions help us deliver on our mission of automating everything automatable in residential mortgages. It’s a giant step forward for the mortgage industry,” Corr said.