Developers of a technology platform that enables consumers to complete the steps in the home loan process without an originator are reporting that the platform has cut its clients’ turn times by three days.
In July, Ellie Mae Inc. revealed Encompass Consumer Connect. The service enables visitors to a lender’s website to research rates and loan options, securely upload documents from any device and receive real-time status updates.
At the time, the Pleasanton, California-based mortgage technology service provider said the offering gives lenders complete control and customization over their brand and workflow.
In addition, credit, product-and-pricing and asset verification are all automated.
On Monday, as Ellie touts its wares at the 2018 Digital Mortgage Conference in Las Vegas, it issued a news release indicating that more than a thousand unique lender websites have been established since the launch two months ago.
In addition, in excess of 6,000 unique prospective borrowers have created accounts to complete their mortgages.
The statement said, “Ellie Mae’s true digital mortgage reduces application close time by three days.”
Lenders can engage and provide visibility to consumers throughout the entire process with the platform, Ellie Mae Executive Vice President of Corporate Strategy Joe Tyrrell said in the news release. He added that the engagement goes well beyond the 20-minute application portion.
George Mason Mortgage LLC senior vice president of information systems, Andria Lightfoot, was quoted as saying, “We’ve seen a three-day pickup in our turn times from application to underwritten loan using Encompass Consumer Connect.”
