Ellie Mae [1], the Pleasanton, California-based cloud-based platform provider for the mortgage finance industry enhanced its Encompass Digital Lending Platform to offer expanded functionality with additional automation capabilities for greater efficiencies in home equity line of credit (HELOC) lending.
Ellie Mae said that the new capability will help lenders acquire HELOCcustomers and originate and sell HELOCs with greater efficiency at a higher return on investment in a single platform.
“The opportunity for lenders to capitalize on HELOC trends has never been greater. As home prices continue to rise, total available home equity across the country has continued to increase in parallel,” said Joe Tyrrell, CEO, Ellie Mae. “To help lenders capitalize on the increased consumer demand for HELOCs, Ellie Mae has introduced more functionality designed to help lenders originate more loans, lower costs, and deliver an improved borrower experience across the entire HELOC lending lifecycle in a digital lending platform.”
The latest 19.3 major release of Encompass provides expanded HELOC functionality which adds the ability to pre-configure the set up key disclosure information. With these new configuration capabilities, automation and dynamic documents, customers can quickly ramp up multiple HELOC product offerings in all 50 states. This includes:
- The ability to dynamically generate historical examples that are provided as part of the Important Terms Disclosure
- Significant capability for customers to configure their HELOC offerings and calculations
- Major enhancements for customers to configure language within the HELOC Agreement and Important Terms Disclosure
The latest release is a culmination of several previous releases which have added HELOC enhancements across the Digital Lending Platform. The end-to-end HELOC experience includes:
- Sales & Marketing: Efficiently acquire new prospective HELOC customers with intelligent, data-driven marketing automation, lead management, and sales productivity tools.
- Point of Sale/Borrower Application: Increase application volume and deliver an amazing customer experience by enabling borrowers to easily apply for a HELOC from anywhere on any device.
- Origination: Easily qualify HELOC borrowers, customize programs, underwrite loans and generate disclosures all from a single location.
- Secondary Marketing: Sell HELOCs faster and increase capital with the ability to price, sell and deliver HELOCs to investors from a single system of record.
- Correspondent: Purchase HELOCs and receive relevant data and docs from sellers with ease, automation, and security.
- Compliance: Stay compliant with HMDA reporting regulations.