Ellie Mae Breaks Ground with Dynamic Loan Screening, The Industry's First Loan Matching System
'Matchmaking' platform creates opportunities by matching originators with products from lenders, investors and settlement service providers
DUBLIN, CA—May 21, 2007—Ellie Mae, an award-winning provider of innovative software and services for the mortgage industry, has released Dynamic Loan Screening, the industry's first virtual inter-operable platform that matches originators' loan applications with the products and services of lenders, investors and settlement service providers.
Integrated within Encompass, the leading mortgage management system responsible for originating one-third of the entire mortgage volume in the United States, Dynamic Loan Screening automatically identifies matches against borrower data of products, services, promotions and special discounts of participating lenders, investors and settlement service providers as an originator enters borrower data into the 1003 form within Encompass. When a match is automatically identified, such as a CRA loan or loan that qualifies for a special discount from a settlement service provider, the originator clicks the indicator to see the details of the incentive.
"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," explains Jonathan Corr, Ellie Mae's chief strategy officer. "For lenders and service providers, it's like having an Account Executive sitting on the originator's desktop."
Dynamic Loan Screening can be utilized by all participants in a loan transaction and is currently utilized by companies like American Brokers Conduit (ABC) and First American Corporation. "We have been using Ellie Mae's Dynamic Loan Screening for OneRate, a single fee title and escrow refinance program," explains Michelle Eberhart, VP National Director, Cross-Sell Division at First American Title Corporation. "Dynamic Loan Screening has provided us the opportunity to screen for appropriate opportunities and significantly increase the use of OneRate in the California market. It has been highly successful for First American."
Dynamic Loan Screening can also screen for compliance and fraud as well as prepayment and early delinquency risks, and benefits all sides of the transaction by eliminating hours of wasted time, presenting opportunities the parties would not otherwise have known about. Lenders, investors and service providers can target and acquire the exact type of loans they're seeking in a timely, cost-effective way, and originators learn about products and services that could be advantageous for their borrowers. "Dynamic Loan Screening is like a 'matchmaker' for loans," explains Corr. "It takes the requirements of each party—originator, lender, investor and settlement service provider—and presents possible matches that originators can choose to pursue or not pursue. It's really all about opportunity."
Once the mortgage originator accepts the offer, Encompass automatically uploads the file data to the lender and routes the originator into the lender's systems for registration, locking and other loan activities. The lender controls the criteria that are screened against the originator's data to attract the highest value loans that are most desirable to the lender, and the appropriate approval conditions can be electronically transmitted back to the originator's file in Encompass. Guidelines and offers are transmitted directly to the originator's loan origination system, so the system is secure, compliant and can be continuously updated.
"Dynamic Loan Screening is the first tool of its kind and the feedback from our client-partners has been overwhelmingly positive," adds Corr. "With over 600,000 new loans flowing through our network every month, Dynamic Loan Screening offers significant aggregation opportunities for our participating lenders, investors and settlement service providers, while at the same time giving our originators opportunities to maximize value for their clients."
About Ellie Mae, Inc.
Ellie Mae, an award-winning provider of software and services for the mortgage industry, offers a comprehensive line of loan origination solutions including the company's flagship Encompass® Mortgage Automation System, as well as Contour™ The Loan Handler® and Genesis 2000®. Ellie Mae's loan origination solutions are used by over 50 percent of the nation's estimated 50,000 mortgage originators. Encompass is deployed by over half of the nation's top 250 brokerages, including seven of the top ten. Integrated in these loan origination systems is Ellie Mae's ePASS Network, the industry's most-used online transaction platform, processing over one third of the nation's $3 trillion in loans. Winner of the 2007 Mortgage Technology Synergy Award for enabling seamless end-to-end e-commerce, the ePASS Network enables mortgage companies to easily do business online with dozens of leading lenders and thousands of settlement service providers. Ellie Mae is based in Dublin, California, and can be found online at www.elliemae.com or by phone at (888) 955-9100.
Ellie Mae, Encompass, ePASS, and Genesis 2000 are registered trademarks, and Contour, Executive Websites, and Ellie Mae Docs are trademarks, of Ellie Mae, Inc. All rights reserved.
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