Approved Funding Upgrades from Contour to Encompass
Company deploys Ellie Mae’s recently launched Encompass Banker Edition
Dublin, CA—August 9 2007—Ellie Mae, an award-winning provider of innovative software and services for the mortgage industry, has announced that Approved Funding, a River Edge, New Jersey-based mortgage banker with 11 offices in seven states, has upgraded to Ellie Mae’s Encompass Banker Edition to support its growth as a mortgage banker.
Approved Funding had already transitioned from broker to banker when it first upgraded to the Encompass Mortgage Automation System in 2006. "From 1997 to 2006 we had been using Contour, which just didn’t provide us with the level of capabilities we needed to grow as a banker," says Shmuel Shayowitz, president of Approved Funding. "We needed a more robust, sophisticated system that would help us transition from functioning as a relatively new, but limited, mortgage banker into a fully functional mortgage banker. So we deployed Encompass Standard Edition and then with Ellie Mae’s launch of Encompass Banker Edition in 2006, we got the technology to access banker benefits well beyond that of simply funding our own loans."
To meet the needs of mortgage bankers, brokers-turned-bankers and lenders, Encompass Banker Edition includes a fully integrated loan fulfillment solution including underwriting, closing, funding, secondary marketing, and shipping. An out-of-the-box system, Encompass Banker Edition is also highly flexible and can be tailored to meet the diverse business needs of each customer. A customizable workflow and business rules engine empowers companies to customize the solution to adapt to the company’s business processes and enables users to create custom user screens, user groups and personas. The system also automatically integrates information among functions, which saves a lot of time in re-entering data. "I’ve always believed in utilizing technology to simplify and streamline functions like processing, marketing and customer relationship management," states Shayowitz. "And with Encompass, you’ve got a processing, marketing, database and CRM solution all rolled into one."
"Encompass Banker Edition is the perfect solution for Approved Funding," adds Shayowitz. "We really like the form builder function, because it allows us to build a system around our business objectives, rather than the other way around. It provides the solutions we need for today, plus even more features that we don’t yet know we need, for the future. Because the system is so scalable and easy to implement, we can make changes as the company grows without any major IT adjustments."
As far as technical knowledge requirements are concerned, Approved Funding found that Encompass Banker Edition offered users a level of simplicity that didn’t require a team of IT experts to deploy or customize. "I’m a mortgage banker, not a computer expert, so it was important to have a solution that didn’t require a whole lot of technical expertise," says Shayowitz. "Encompass is so easy to customize, we don’t need a separate IT division to handle adjustments or changes."
Approved Funding has 120 Encompass users throughout the company, and because the Encompass system is so easy to use, Shayowitz finds that new hires can quickly begin using the system. "Our favorite thing about Encompass Banker Edition is probably that it’s very user friendly," says Shayowitz. "The screens are so well designed that our people could really transition into doing business on day one."
"Approved Funding has been a great example of how mortgage bankers can expand and enhance their businesses by leveraging the right technology," says Joe Langner, chief operating officer for Ellie Mae. "They understand the extensive benefits of functioning as a mortgage banker and have built their business to focus on their growth in that direction."
About Ellie Mae
Ellie Mae, an award-winning provider of software and services for the mortgage industry, offers a comprehensive line of solutions that includes the company’s flagship Encompass® mortgage automation system, Contour™ and Genesis 2000® loan origination software, and the ePASS® Network. Recently awarded Mortgage Technology magazine’s Synergy Award, Ellie Mae is the choice of over 50 percent of the industry for loan origination solutions. Encompass is deployed by over two-thirds of the nation’s top 300 brokers, including eight of the top ten. One third of the nation’s $2.5 trillion in new mortgages originated every year pass through the ePASS Network, the industry’s online transaction platform enabling mortgage companies to easily do business electronically with dozens of leading lenders and thousands of settlement service providers. Ellie Mae is based in Dublin, California. To learn more about Ellie Mae, visit www.elliemae.com or call (888) 955-9100.
About Approved Funding
Approved Funding Corp. (AFC), a licensed mortgage bank, was founded in New York in March 1987. With offices in NY, NJ, CT, FL, PA, CA, MD, OH, IN, and IL, Approved Funding boasts an excellent reputation of service, integrity, and professionalism with their thousands of mortgage clients. Utilizing the most advanced resources and technology available, AFC offers the power of a large banker with the mindset of a local broker to close loans quickly and at a low cost to borrowers. Since its start, AFC has closed several billion dollars of mortgage loans through its retail operations. Visit www.approvedfunding.com or call (877) APP-FUND.
Ellie Mae, Encompass, ePASS, and Genesis 2000 are registered trademarks, and Contour, Encompass Websites, and Ellie Mae Docs are trademarks, of Ellie Mae, Inc. All rights reserved.
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