Ellie Mae Announces the Encompass360™ Borrower Loyalty Service Offered in Collaboration with SavingStreet
Automated retention program gives originators a fast and easy tool for developing and maintaining long-term borrower relationships
PLEASANTON, CA—September 29, 2009—Ellie Mae, the award-winning software and service provider offering comprehensive business solutions for mortgage bankers, credit unions, community banks, brokers and other mortgage originators, is collaborating with SavingStreet to offer the Encompass360™ Borrower Loyalty Service to users of Encompass360, Ellie Mae’s recently launched all-new Mortgage Management Solution. The Encompass360 Borrower Loyalty Service empowers users to automatically maintain contact with borrowers throughout the loan process and indefinitely after closing.
The Encompass360 Borrower Loyalty Service is powered by SavingStreet, through its namesake consumer-facing web portal SavingStreet.com, which provides homeowners with information, resources and discounts on services needed before and after purchasing or refinancing a home. The service can be set up in a matter of moments, after which it cross checks relevant information on each borrower in the user’s contact database against applicable benefits offered by SavingStreet, then automatically sends customized emails to those borrowers on the originator’s behalf. The Encompass360 Borrower Loyalty Service is offered as an integrated component of Encompass360, so all relevant borrower information is seamlessly transferred from Encompass360 to SavingStreet.
SavingStreet determines which information and product savings should be offered based on each borrower’s unique circumstances. All email messages are originator-branded and include a greeting and short explanation of services, as well as a link to a customized web site that is co-branded with the mortgage company. Each custom web site provides detailed information and resources for issues such as moving, establishing utilities, insurance, home improvement and many others. All messages include the mortgage company’s name, the originator’s name and contact information, and the originator may also include a logo, photo and cell phone number, as well.
In addition to useful tips and information, SavingStreet provides discounts to many services and has partnered with companies such as Allied and North American Van Lines, DirecTV, PODS (Portable On Demand Storage), Home Depot, Allconnect, American Home Shield, Netquote and many others, to offer special pricing to site visitors. Like most components of Encompass360, the system offers a high degree of control and visibility, both at the originator level and for managers or owners. While the system is automatic, the originator can always control whether or not certain clients receive mailings.
“For borrowers, a purchase or refinance transaction is the beginning of the process, not the end—there are a lot of decisions that need to be made in the days, weeks and months following the close of a loan,” says Mike Gavelek, general manager of SavingStreet. “SavingStreet was designed to give mortgage originators a way to provide the useful information that borrowers need, at a time when they need it. For mortgage originators, it’s a great way to stay top of mind with borrowers, while also establishing themselves as well rounded solution providers. And mortgage originators have a site where they have complete control over the program and can customize the program to their needs.”
All borrower information is kept confidential, excluding third parties from gaining direct access to the borrower’s information unless the borrower chooses to contact them.
“We’ve already gotten incredible consumer feedback on this program, with most of the borrowers who have experienced the Loyalty Program agreeing that this is a valuable service,” says Jonathan Corr, chief strategy officer for Ellie Mae. “That’s exactly what we wanted to offer to Encompass360 users: a loyalty service that creates a differentiation for our originators with their borrowers and keeps them ‘in touch’ before as well as after the close.”
About Ellie Mae, Inc.
Ellie Mae is the award-winning provider of software and services for the mortgage industry, offering comprehensive business solutions for mortgage bankers, mortgage brokers and lenders. The company's key offerings include the newly-launched flagship Encompass360™ Mortgage Management Solution, Encompass CenterWise™ websites and electronic document management, and Encompass Closer document preparation services. More than 100,000 mortgage professionals use the Encompass® Mortgage Management Solution. A recipient of the prestigious Inman Award as the most innovative company in the mortgage industry and acknowledged as a top technology service provider by Mortgage Technology magazine, Ellie Mae is recognized for developing technology that links the many parties critical to the mortgage origination industry through its patented ePASS® technology. One quarter of the nation's more than $2 trillion in new mortgages originated every year utilize Ellie Mae’s ePASS technology, enabling mortgage companies to easily and securely conduct electronic business transactions with dozens of leading lenders and thousands of settlement service providers. Ellie Mae was founded in 1998 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362.
SavingStreet™, a strategic partner to Ellie Mae, is a special-purpose company set up to develop the customer-contact software used by the Encompass360™ Borrower Loyalty Service and to recruit the vendor-partners that provide the discounts and preferred services for the program. SavingStreet is based in New York, New York.
© 2009 Ellie Mae, Inc. All rights reserved. Ellie Mae, Encompass, and ePASS (patent Nos. 7,444,302 and 7,472,089) are registered trademarks and Encompass CenterWise and Encompass Closer are trademarks of Ellie Mae, Inc. in the United States.
© Copyright 2009 SavingStreet™.
Rosalie Berg for Ellie Mae