PLEASANTON, Calif.,
Sept. 14, 2020 /PRNewswire/
-- Ellie Mae®, the leading cloud-based loan
origination platform provider for the mortgage industry and now a
part of Intercontinental Exchange Inc. (NYSE: ICE), today announced
that MarketWise Advisors, LLC has released a new study of Encompass
Investor Connect®. The independent study analyzed the financial
benefit of the Investor Connect system to system loan delivery –
integrated loan delivery from Ellie Mae's Encompass Digital Lending
Platform™ to the investor's system of record.
Investor Connect is a key feature within Encompass® that
is available at no additional cost to lenders, and which allows
lenders to deliver pre-validated data and documents from Encompass
to the investor's system of record – without logging into another
portal. Using this secure system-to-system workflow, lenders are
seeing time savings by eliminating manual entry, centralizing
tasks, packaging data and docs and delivering from within
Encompass. Investor Connect benefits a large population of the
mortgage industry with direct integration to 13 of the top 20
correspondent investors, making available more than 70 percent of
the aggregator market.
As a result of a recent study, MarketWise Advisors, LLC found an
average financial benefit of $48.85
per loan. Approximately half of the financial benefit stemmed from
operational benefits, including an average of 39 minutes saved per
loan, by reducing the time spent packaging and delivering loans,
checking for missing data, and manual entry. Additional savings
were achieved through sales and funding acceleration, with lenders
averaging one day of time compression, a 40 percent increase in
first pass sales with no conditions.
Other key findings from the study included:
- Better execution, quality and improved seller experience
reported by lenders
- Fewer conditions which led to substantial time savings
including 1-day faster for purchases
- Lenders with warehouse lines and hedging costs saw additional
financial benefits not included in the nearly $50 in savings
- Like lenders, investors also experienced higher first pass
rates and lower purchase operations costs for loans delivered
through Investor Connect
"At a time when lenders are experiencing record volumes tied to
historic low interest rates, lenders are busier than ever. As such,
it is imperative to leverage technology solutions that improve
efficiency, reduce operational costs and offer higher quality
loans," said Jordan Brown, CEO,
MarketWise Advisors, LLC. "This study showed that lenders using
Ellie Mae's Encompass Investor Connect experienced substantial
decreases in transactional friction and costs, providing over
$48 in savings per loan on average,
an average reduction in time per loan of close to 40 minutes and a
substantial increase in first pass sales with no conditions.
Because of the improved loan quality and speed of delivery, lenders
are able to sell loans faster and open up capacity for additional
lending."
"Since the launch of Encompass Investor Connect, we have
established integrations with 13 of the top 20 largest
correspondent investors, making available more than 70 percent of
the aggregator market in the United
States," said Jonathan Corr,
President and CEO of Ellie Mae. "Through the use of solutions like
Investor Connect, we are furthering our mission to automate
everything automatable for the residential mortgage industry while
helping originators and purchasers achieve a true digital mortgage.
By taking advantage of Ellie Mae mortgage technology, lenders are
experiencing substantial savings, time reductions and process
improvements that help them drive their business forward."
"We continue to see significant momentum with Encompass Investor
Connect as we further our mission to help originators and
purchasers achieve a true end-to-end digital mortgage," said
Parvesh Sahi, Senior Vice President
of business development, Ellie Mae. "With the majority of the
largest correspondent investors as our partners, Ellie Mae's tech
is being leveraged to evolve and digitize the liquidity of the
mortgage asset. The continuous improvements we are making to loan
delivery and liquidity improves the experience for everyone in the
mortgage origination chain — lenders save time and money by
automating processes and investors save time and money reviewing
and purchasing better quality loans faster. Near term innovation
includes new features with AI and system-to-system communication to
provide even greater efficiencies in the future."
The independent survey was completed to determine the impact
analysis for Investor Connect participants. The survey was deployed
to all Investor Connect participants (approximately 350 lenders)
that submitted material volume through Investor Connect. The data
provides rich insight across lender sizes, geographies, and product
mixes.
For more information about the Investor Connect ROI study,
visit:
https://www.nationalmortgagenews.com/news/success-in-the-secondary-market
About Ellie Mae
Ellie Mae is the leading cloud-based platform provider for the
mortgage finance industry. Ellie Mae's technology solutions enable
lenders to originate more loans, reduce origination costs, and
shorten the time to close, all while ensuring the highest levels of
compliance, quality and efficiency. Visit EllieMae.com or
call 877.355.4362 to learn more.
© 2020 Ellie Mae, Inc. Ellie
Mae®, Encompass®, AllRegs®,
Velocify®, Capsilon®, the Ellie Mae logo and other trademarks or
service marks of Ellie Mae, Inc. appearing herein are the property
of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other
company and product names may be trademarks or copyrights of their
respective owners.
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SOURCE Ellie Mae