Coastal Community Bank Experiences Big Savings by Transacting Mortgage Loans Electronically
Company was the first to deploy Ellie Mae’s hosted Encompass Banker Edition; sees costs per loan go down 15 percent
Pleasanton, CA,—July 28, 2008—Ellie Mae, the award-winning provider of innovative software and services for the mortgage industry, has announced that North Florida-based Coastal Community Mortgage has experienced substantial savings and operational efficiencies from their deployment of the Encompass Mortgage Management Solution’s Banker Edition in October 2007.
Last year, in response to market changes, Coastal Community Mortgage, a division of Coastal Community Bank, embarked upon plans for aggressive expansion. “In February 2007, we were running a small, broker-type shop with only about four employees,” states Stan Lindsey, president of Coastal Community Mortgage. “We saw what was going on in the industry, especially with all of the mortgage companies downsizing or shutting down, and we realized that we had an ideal opportunity to expand our operations and firmly establish our place in the market. Since then, we’ve grown to 26 employees, and we have strategic plans to reach 200 employees in the next three years.”
Coastal Community Mortgage knew it needed the right technology to support its aggressive growth plan and chose to deploy Ellie Mae’s Encompass Banker Edition as a hosted solution after evaluating several options. Encompass Banker Edition was selected because it was user friendly, expandable, and enabled Coastal Community Mortgage to transmit documents electronically. “I don’t think a lot of lenders realize the exorbitant costs associated with printing and manual delivery. Since implementing Encompass, our cost per loan has gone down about 15 percent,” states Lindsey. “Encompass enables us to use our own computer equipment at the point of sale, and simply add a scanner to be able to transmit documents electronically. That combination translates into huge savings on both time and money.”
Encompass Banker Edition also offers the expandability and flexibility that lenders need, especially during times of growth or market volatility. “One of the great things about Encompass Banker Edition is that it enables us to shift workloads quickly and easily, and for basically no additional cost,” adds Lindsey. “If we need to move a file from one person to another, I no longer have to incur the 20 dollar overnight shipping fee to transfer the file to the individual that will be working on it. We simply grant that individual access within the Encompass system. That only takes a few minutes, and we don’t incur any additional fees to transfer the file.”
Coastal Community Mortgage was the first company to deploy the Encompass Banker Mortgage Management System as a hosted service, which became available as a hosted, pay-as-you-go service the same month Coastal Community Mortgage deployed it, in October 2007. Since then, over two dozen companies have switched to the hosted, Encompass Anywhere version of Encompass Banker Edition, joining over 600 companies and 11,000 users that have experienced the benefits of the Encompass Anywhere platform. “By deploying Encompass as a hosted service, Coastal Community Mortgage benefited from a faster implementation, greater scalability, reduced cost, and higher reliability as compared to technology deployed in-house,” explained Jonathan Corr, Ellie Mae’s chief strategy officer.
“Coastal Community Bank is smart to invest in its growth at a time when there is increasing demand for services from community bankers,” adds Corr. “Coastal Community Bank’s successful expansion is clearly reflective of its well thought-out strategic plan to capitalize on market opportunities, and its decision to use Encompass to facilitate that expansion is reflective of Encompass Banker Edition’s strong flexibility, customizability and transparency. Encompass Banker edition makes it easy to grow in whatever way the user sees fit. That’s why banks of all types and sizes use Encompass Banker Edition as the foundation of their mortgage operations.”
About Ellie Mae
Ellie Mae is an award-winning provider of software and services for the mortgage industry, offering comprehensive business solutions for mortgage brokers, mortgage bankers and lenders. The company's key offerings include the flagship Encompass Mortgage Management Solution, the Encompass WebCenter, Electronic Document Management (EDM), Encompass CenterWise™ and Encompass Closer. More than 150,000 mortgage professionals use the Encompass mortgage management solution, including two-thirds of the nation’s top 300 brokers and nine of the top 10. Ellie Mae is recognized for linking the many parties critical to the mortgage origination industry through its ePASS Network. One third of the nation's almost $2 trillion in new mortgages originated every year pass through the ePASS platform, enabling mortgage companies to easily conduct electronic business transactions with dozens of leading lenders and thousands of settlement service providers. Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362.
2008 Ellie Mae, Inc. All rights reserved. Ellie Mae, Encompass, and ePASS are registered trademarks and Encompass CenterWise, and Ellie Mae Closer are trademarks of Ellie Mae, Inc. in the United States.
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