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Pricing, Prequals Integrated Into LOS

Pricing, Prequals Integrated Into LOS

Encompass 2.9 expanded

October 2, 2006


photo of Paula Parisot
Paula Parisot
Enhancements to a widely used loan origination system will reportedly enable mortgage originators to shop multiple wholesalers simultaneously and earn an average of $600 more per transaction. A similar integration previously done at a competing company has resulted in “huge increases in productivity.”

The Encompass 2.9 loan origination system is being expanded to include a “product and pricing” feature that allows users to search multiple programs and rates online, Ellie Mae announced.

Users can enter one loan scenario and remain in Encompass while the system searches for the most suitable loan program and rates from dozens of prime, Alt-A, subprime, FHA and VA lenders, the announcement said.

The new features were a result of partnerships with the software firms NYLX and BrokerBuddy, Ellie said.

“With BrokerBuddy, the originator can find a scenario, change it, rerun it and have pricing and commission comparisons at their fingertips in a matter of seconds,” BrokerBuddy CEO Richard Kwiat said in the announcement.

The prequalification is based on data such as credit grading, lender guidelines and risk-based adjusters, and offers multiple matching loan products, the announcement said.

“Additionally, it identifies the products and lenders that will pay the originator the highest commission, enabling our customers to make, on average, $600 more per loan than those not using our type of service,” NYLX President John Alexander said.

NYLX said it “can search for a wide range of loans including conventional, subprime, government, combination, A-minus, Alt-A and stand-alone product types from a full spectrum of correspondent and wholesale lenders.”

Integrating these search features provides more than just convenience, David Spies of Fidelity National Information Services told in an e-mail statement.

“Not only does integrated product and pricing make for a more informed borrowing experience, it also reduces the chance for errors throughout the loan process,” said Spies, a senior vice president for the financial solutions software provider.

Spies, who is also the Chief Software Architect for its Empower Division, said Jacksonville, Fla.-based Fidelity has offered these features since 1998 and has witnessed “huge increases in productivity” due to the product’s ability to “provide timely and up-to-date product information to the borrower at the point of sale.”

Paula Parisot is a feature reporter and a blogger at who has also worked in the mortgage industry.

e-mail Paula at:

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