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Mortgage Tech Enables Lenders to Close Without LO

Some customers need a human touch

July 9, 2018

By Mortgage Daily staff

An enhancement to a widely used loan origination platform can enable a home lender to close a loan without a mortgage originator -- though some clients require a human touch.

Encompass Consumer Direct was unveiled by Ellie Mae Inc. on Monday. The system is part of the mortgage technology provider's Consumer Engagement Suite.

According to a news release from the Pleasanton, California-based company, the offering "delivers a true digital mortgage."

Ellie explained that needs have changed for digital homebuyers. Nowadays, more than 60 percent of shoppers expect to apply for and complete their home loan application completely online.

"Encompass Consumer Connect gives Ellie Mae Encompass lenders the ability to offer a consumer web experience that goes beyond a mere online application" the statement said. "It is truly a state-of-the-art, completely customizable, branded and engaging digital mortgage experience for homebuyers -- accessible from any device."

Consumers can reportedly research rates and loan options, securely upload documents from any device and receive real-time status updates.

For lenders, Ellie says they can have complete control and customization over their brand and workflow; automate credit, product-and-pricing and asset verification; and enable interaction with borrowers for requested documentation.

"For lenders to effectively compete in today's purchase-driven market, they need to be equipped to successfully reach the homebuyer at the point of thought," Ellie Mae Executive Vice President of Corporate Strategy Joe Tyrrell said in the statement. "Encompass Consumer Connect offers an engaging online consumer experience for lenders to turn a consumer's interest into a quality application that can be closed faster with complete transparency and compliance."

Ellie noted that the service is provided to existing Encompass customers at no cost.

The announcement quoted Brandon Durham, product support manager at Ellie-client Homeowners Financial Group, as saying that their clients can now complete an application on a phone in a coffee shop or sit across from a loan originator in an office thanks to Encompass Consumer Connect.

Ellie Mae spokeswoman Erica Harvill noted in a written statement that the enhanced technology enables home lenders to close a loan without a loan originator.

But she explained that the flexible, high-tech solution should be balanced with the human-touch needs of borrowers.

"If a homebuyer has a question on the application and wants to talk to someone in person, they can leave the online application and finish the process over the phone or in person," Harvill stated.

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