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Ellie Mae accelerates availability of a true digital mortgage solution

Automation reduces cost to originate while providing higher customer satisfaction


2017 was a digital turning point for Ellie Mae. The leading platform provider for the mortgage finance industry is accelerating the availability of a true digital mortgage solution for lenders of all sizes.

In a recent Ellie Mae survey of 3,000 Millennials, Gen Xers and Baby Boomers the prevailing sentiment was that across generations and genders, borrowers want a mortgage experience that combines speed, convenience, and security with personal interaction. 

Today’s borrowers expect transparency, service and speed, and a human touch. To meet these requirements, lenders must offer an engaging, intuitive user experience that continues even after the application has been submitted. 

Lenders should have access to current and historical data on every individual borrower, and provide an intuitive borrower portal that offers a simple, transparent interaction, the ability to easily upload documents, and real-time status updates, with the ability to talk to someone at any point in the entire process.

Ellie Mae logoTo help with the company’s digital transformation and the quest to make everything automatable automated, Ellie Mae acquired sales acceleration platform Velocify. 

Velocify provides cloud-based intelligent sales automation solutions that drive effective and efficient sales processes and help improve lead conversion rates. 

Ellie Mae President and CEO Jonathan Corr said the acquisition accelerates the company’s delivery of a true digital mortgage solution for the industry. 

“In the coming months, we will integrate Velocify’s lead management, engagement and distribution capabilities with our own CRM and Consumer Connect solutions to help lenders turn consumer interest into applications through a personalized, high-tech and human-touch experience,” Corr said. 

As lenders learn what it takes to engage all borrowers, they must also adjust to a purchase-centric market with lower volumes, higher expectations of on-time origination dates being met, and tougher scrutiny of the bottom line.

In this environment, the savvy lender is focused on reducing the cost of origination, which is now at nearly $8,000 per loan, according to the Mortgage Bankers Association. The lender also recognizes the need for automation, exception-based processing, and the ability to better leverage data in all aspects of the origination process.

The true digital mortgage allows for a fundamental shift from “checkers checking checkers” and “stare and compare” reviews to exception-based processing. Now, personal document review is required only when a loan does not meet established rules and an exception is identified. 

This level of automation reduces time to originate and lowers the cost of origination. It also supplies loan agents with everything they need to know about the status of the loan so that they can provide updates to the consumer and provide that personalized human touch expected. 

Faster processing and improved rates of customer satisfaction lead to higher pull-through rates and better business results.

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