News from Ellie MaeMortgagePress.comEllie Mae Encompass
Ellie Mae announces next upgrade of Encompass
Ellie Mae, a mortgage industry software and services provider,
unveiled the latest version of its mortgage automation system,
Encompass 2.8, at the Western Regional Mortgage Brokers Conference
in Las Vegas in November. The latest version of Encompass features
a number of very significant enhancements for new business
development, loan processing, electronic document management and
administration. It includes new pre-qualification and loan
comparison tools, an employment verification service, an updated
1003 and a simplified appraisal ordering function. "As the market
starts to slow down, we want to make sure that originators using
Encompass have as many tools as possible to help them generate and
close new business as quickly and cost-efficiently as possible,"
said Jonathan Corr, chief strategic officer for Ellie Mae.
The new Encompass pre-qualification tool enables originators to
conduct a comprehensive pre-qualification through a single form
without having to visit many different forms to enter a broad range
of data, including income, assets, liabilities and closing costs.
The form features easy-to-interpret visual cues to illustrate
whether the borrower is qualified or pending qualification. The new
loan comparison tool empowers originators to conduct a
comprehensive loan comparison that features visual cues to help
borrowers easily identify scenarios for which they qualify. The
employment verification service improves the processor's efficiency
by using an electronic verification service to request and complete
employment verifications. Originators no longer need to print
verification of employment forms and chase employers to get the
information they need. Verifications are requested electronically
right from within Encompass and are received in less than three
business days. Thanks to an all-new appraisal ordering interface,
originators can save time when ordering appraisals by sending order
details to their preferred appraiser directly from Encompass. The
service is now offered at no charge to either the broker or the
appraiser and is easier to use than the previous service. There's
no need to re-type order details, print forms or fax documents. To
ensure compliance, the 1003 has been upgraded to meet January 2006
Fannie Mae requirements. The updated 1003 is mandatory for all
Additional Encompass 2.8 enhancements include the following:
• Loan officers can easily manage recurring calendar
appointments in the contact manager. Using the contact
synchronization optional feature, recurring appointments can be
synchronized with Outlook and ACT!
• eFolder support has been expanded. Originators can easily
manage electronic documents in a wider variety of file formats,
including Word, PDF, TIFF (graphics) and text-only documents.
• To extend their company's branding, originators with an
Encompass Web site can brand the Loan Center with their company's
own logo. The Loan Center is the Ellie Mae Web site where Encompass
users can see their online loan status and where electronic
document management users can send their borrowers to get updated
loan status and documents that need to be signed.
• Partners such as real estate agents have easy access to
loan status and loan-related electronic documents through their own
login to the Loan Center.
• A new auto-save setting reduces the risk of accidentally
losing recently entered loan information. Users can specify how
frequently loan files should be automatically saved.
• Loan files imported from Contour, Genesis 2000 or Calyx
Point can be assigned new Encompass loan numbers during the import,
allowing users to maintain a consistent loan numbering system
across all loan files.
Encompass customers with current maintenance agreements will be
able to upgrade to Encompass 2.8 at no additional charge.
Contract Processing becomes provider on Encompass
Ellie Mae has announced the addition of Contract Processing Inc.
(CPI), a provider of mortgage loan processing, compliance, quality
control and consulting services to the mortgage industry, to its
Encompass Processing Network. Based in Corona, Calif., Contract
Processing became the first provider of domestic contract
processing services on the Encompass Processing Network, which
enables Encompass users to easily order outsourced loan processing
services from within Encompass.
"Ellie Mae has really hit the mark by launching the Encompass
Processing Network," explained Jennifer Quinteros, president and
CEO of CPI. "That's because the demand for contract processing
services has gone up exponentially over the past few years,
primarily as a result of the decentralization of loan officers.
These days, loan officers often lack the time, experience or
compliance expertise to effectively process their own loans, so
contract processing is a great option. Yet finding a trusted
contract processing company can be a difficult task. That's where
the Encompass Processing Network will really make a difference. Now
brokers can tap reliable contract services on a moment's notice
whenever they need them."
Contract Processing sees many benefits from transitioning from
being an Encompass user to an Encompass partner. "Being on the
Encompass Processing Network means that it will be simpler for our
customers to submit loans to us, and for us to process their loans
effectively while maintaining excellent lines of communication,"
added Quinteros. "With a simple click from within Encompass, our
customers will be able to order loan processing and submit a file.
We'll be directing our customers to submit loans through the
Encompass Processing Center, which will provide us loan files via a
unified entry system, versus by phone, e-mail, fax and
The Encompass Processing Network is accessible exclusively to
Encompass users, as Encompass is designed to enable the
collaboration required for originators to have their loan files
processed by third parties.
Ellie Mae's management feels confident in its selection of its
second processing partner. "Contract Processing is an excellent
choice for the Encompass Processing Network," said Joe Puthur,
director of hosted and professional services at Ellie Mae. "It has
a proven ability to process loans quickly and effectively with
great focus on compliance and customer service. The company is
dedicated to offer a premium level of service and knows how to
leverage technology in order to do so."
Global Branch Solutions closes $5 billion in loans
through Encompass LOS
Ellie Mae has announced that Global Branch Solutions of Clearwater,
Fla. has closed a record $5 billion in loans through Ellie Mae's
Encompass Mortgage Automation System. Since Global Branch Solutions
was first established two years ago, it has become the fastest
growing net branch organization in the country, a segment that
accounts for approximately 30-40 percent of the nation's loans.
For technology, Global Branch Solutions invested in Ellie Mae's
Encompass Mortgage Automation System. "We set out to find a loan
origination solution that would help us effectively manage our
branches, and help them efficiently close loans," said Freifeld. In
fact, Global Branch Solutions makes the use of Encompass mandatory
among its brokers. "Thanks to Encompass, we can take a loan from
origination through closing about 45 percent faster than with other
loan origination systems," said Freifeld. "We rely on our branches
being successful, and Encompass enables that success."
Encompass equips Global Branch Solutions with a centrally
accessible repository where all loan data is stored. This
aggregation of company-wide data enables the company to better
manage each of its dispersed branches.
"Our business benefits immensely from having visibility into all
company-wide loans," says Freifeld. "At any point in time, we know
what loan volume is at any of our branches. For instance, if I see
a rise in closings in Michigan, I'll be able to review the flow of
loans, and I can talk to the loan officers in Michigan to see why
they are doing so well and share lessons learned with the rest of
the branches. Another great aspect of having loan data in a central
repository is that the loan file does not need to be routed.
Instead, processors and loan officers can efficiently collaborate,
thanks to simultaneous electronic access to a single loan
Global Branch Solutions attributes much of its ability to grow
at a pace of 40 new branches per month to Ellie Mae's ongoing
commitment to broker training.
"The back-end support you get for Encompass is very strong,"
explains Freifeld. "They regularly do seminars and train our staff.
They don't just give you a disk and wish you best of luck. This is
training that I would normally have to pay for myself, so it's a
For more information, visit www.elliemae.com.