A new product enables lenders to offer technically adept consumers the ability to shop their products, initiate the loan process and obtain disclosures.
Ellie Mae announced Wednesday that it has launched a secure online and self-service lead-generation solution for users of its mortgage management system.
Targeted at tech-savvy consumers, the service from the Pleasanton, Calif.-based company enables customers to research a lender’s loan products and interest rates.
Encompass users can incorporate their own branding to the service, dubbed Encompass Consumer Direct. They can configure various modules to help with shopping, loan cost calculations and learning more about the lender.
They can also configure the service to accommodate their business models.
In addition to applying for a loan through a guided, user-friendly interactive application, the offering allows prospective borrowers to order and pay for credit reports.
It also makes it possible for consumers to receive disclosures and online status updates about their loan from the lender and upload and electronically sign documents.
“Encompass Consumer Direct seamlessly ensures compliance,” the statement said. “Encompass Consumer Direct correctly presents product, fee and pricing details, along with the appropriate disclosures. The single system of record eliminates multiple databases and keeps data consistent, compliant and easily accessible in the event of an audit.”
Ellie, a Mortgage Daily advertiser, claims that the online application process can take less than 15 minutes to complete.
Lender products are added to the consumer direct service using the Encompass Product and Pricing Service.
When borrowers abandon the process, the system captures information about what part of the site they visited, what products they considered and how far they progressed with their applications.
More information is online at www.elliemae.com/consumer-direct.
