Paperless Processing, Production

Ellie Mae recently announced the launch of Encompass Processing Network, which is due out by the end of the year. The software has been integrated into the loan processing services of E-OPS, a Miami, Florida-based loan processing provider.

Dublin, Calif.-based Ellie Mae said the arrangement would allow E-OPS to originate and process loans more cost-effectively in a totally paperless environment.

“By leveraging the Encompass Processing Network and participating partners, brokers using Encompass are able to instantly connect with the needed processing resources to help ensure that speed and customer satisfaction are never compromised,” Joseph Puthur, Ellie Mae’s director of hosted and professional services said, in a recent press release.

Users of the Encompass software can submit a file electronically to E-OPS for processing by selecting a “Services” tab located within the Encompass software, the announcement explained. An electronic loan file is maintained including imaged copies of pertinent documents and then returned to the lender upon completion.

E-OPS said it processes conventional, FHA, VA, prime and subprime loans quicker, at a lesser cost, and offers around the clock service by utilizing both domestic and offshore workforces.

“Our processing fees average approximately half of those of other outsourced processing services, and are less costly than in-house processors,” Joe Machado, Chief Executive Officer at E-OPS, said in the announcement. “Thanks to around-the-clock processing, skilled processors and cutting-edge technology, we also process loans approximately 40 percent faster than any other available alternative.”

While an offshore workforce and “going paperless” might provide benefits to one company, Debbie Cole, partner Reliant Processing, Inc. said it could also prove to be a source of aggravation for their clientele. “There might be language barriers,” Cole pointed out. “And our broker’s are pretty much hands off.”

“We cater to the broker’s needs,” she told MortgageDaily.com. “The brokers we work with like a more personal touch.”

Reliant said it processes a full range of loan programs, including home equity loans, across the nation utilizing Calyx Point and other standard methods of submission.

Cole added that the Beaverton, Oregon-based company, established in 2001, had experimented with the notion of going paperless but found that it wasn’t conducive to its staff and clientele.