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Wholesaler options pop up during app input

May 29, 2007



photo of Paula Parisot
Paula Parisot
Recently launched loan origination technology promises to provide approved brokers with wholesale loan options as they input the application, though one competitor criticized the intrusive nature of the offering.

Ellie Mae recently announced the launch of Dynamic Loan Screening for its Encompass users.

“As the originator inputs loan data into Encompass, that data is continuously monitored, and when a ‘match’ occurs, an offer is automatically displayed on the originator’s loan origination system screen,” Jonathan Corr, Ellie’s chief strategy officer said in the announcement. “For lenders and service providers, it’s like having an account executive sitting on the originator’s desktop.”

LenderLab, an online loan search engine provider since 2000 offers searching capabilities for mostly subprime and niche markets, said many of its subscribers use Encompass and that the new integration might not be for everyone.

“While we have never had any requests for that type of functionality, some might enjoy it, if you aren’t too annoyed by the interruptions and pop-ups,” General Manager Doug Anderson said in an e-mail statement. “However, it takes about 30 seconds to fill out our loan search form, and another 5 seconds to get results back for your criteria. Having us look over the broker’s shoulder for each field as they fill out the form is something none of our brokers has ever asked for, and we don’t really see the value in it.”

Limin Hu, chief technology officer for Dublin, Calif.-based Ellie, however, disagrees.

Hu told that this is a groundbreaking new service that could potentially change the landscape of mortgage loan origination.

“We create distributed data mining capability,” Hu said. “We are providing one-to-one marketing opportunities for partners to offer services to our customers.”

Hu said they are using “real-time” product pricing so the originator can view multiple options and make the borrower an offer right away. Currently, there are about a dozen investors on the engine, including a new equity investor called REX, he said.

REX purchases an equity stake in a borrower’s home, he explained, unlike a traditional mortgage loan.

All Encompass users will have access to the search engine with the cost of use depending on the program they choose. There is commission-based pricing where a small percentage of the matched loan is paid or by impression matches, when a partner pays for a particular loan page that is viewed, Hu said.

“We only charge for the value we deliver,” Hu said.

Integra Software Systems also offers loan origination software with pricing capabilities and has for about the last four years, according to Senior Vice President Sales and Marketing Tim Bartek.

In regards to Ellie’s integrated platform, Bartek told that investors might not want every Encompass user to see the products and pricing offered if they are not an approved originator.

“We make sure our clients are approved by the investors that are installed,” he explained. Currently, they have about 30 partner/investors and more are added as customers request them.

Ellie said their new integrated platform also screens for compliance and fraud as well as prepayment and early delinquency risks.


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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