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Creating Consumer Connect

Ellie Mae [1], a California-based, cloud-based platform provider for the mortgage finance industry, announced enhancements to Encompass Consumer Connect, that include identity, employment, and income verification. These enhancements help lenders engage with homebuyers and provide a more streamlined application process, to help foster interest, engage borrowers and convert opportunities.

The enhancements include the integration of Experian’s CrossCore platform, which enables lenders to use a passive, multi-layered approach to establish identity and assess risk, providing a positive experience for borrowers. Mortgage lenders can combine historical data, such as demographic information, and first-party fraud risk assessment with step-up authentication methods to verify an individual during the application process. Upon submission of the loan application, the data is immediately sent to the identity verification provider and a report is generated and sent to the Encompass eFolder within one hour of submission.

Since the launch on July 9, 2018, Encompass Consumer Connect continues to add key functionality which now includes support for verification services that provides lenders the ability to automate borrower identity, employment, and income verification to achieve day 1 certainty from Fannie Mae to close loans faster. In addition to providing a seamless digital experience for homebuyers, Encompass Consumer Connect helps lenders close loans faster. 

“At Experian, we are constantly innovating to modernize the mortgage process and support the industry’s evolution,” said Michele Pearson, General Manager of Experian Mortgage. “We’re proud to work with Ellie Mae to maximize the power of data and analytics to more quickly and accurately authenticate prospective borrowers while helping businesses make smarter lending decisions.”

“Lenders are looking for more efficient ways to engage homebuyers and with these updates to Encompass Consumer Connect, we’re making it easier for borrowers to complete their loan applications,” said Joe Tyrrell, EVP of corporate strategy at Ellie Mae. “Our recent enhancements to Encompass Consumer Connect offer identity, employment and income verification, and an integration with Experian that simplifies and expedites key verification activities for an improved borrower experience.”