Ellie Mae Launches New Mortgage Management System Encompass360
Customer beta users pronounce system as first-of-its-kind, paradigm-changing solution
PLEASANTON, CA—July 7, 2009—Ellie Mae, an award-winning software and service provider offering comprehensive business solutions for mortgage bankers, brokers, credit unions and other mortgage originators, has launched Encompass360, a new mortgage management system which is expected to forever raise the bar for lending systems, offering far greater user productivity, ease and transparency.
For Ellie Mae, this is the company’s biggest announcement in five years, when the company first launched the Encompass Mortgage Management System. According to many of the system’s beta testers who have used Encompass360 over the past several months, Encompass360 is by far the most advanced solution available on the market today, with capabilities that eclipse the industry’s current range of offerings.
“I’m stunned — finally, someone actually did it,” says beta tester Brad DeBroux, Encompass Manager for Fairway Independent Mortgage Company. “At last, someone has created a system that proactively addresses one of the primary fundamental issues that differentiates the mortgage industry: that our workflow process is attached to documents. Encompass360 addresses that issue head-on with a system that easily enables users to see, track, verify and account for the numerous documents involved throughout the transaction. That’s a huge step forward in the industry, and it puts Encompass360 in a class by itself.”
In addition to providing a fast and simple way to store, track and account for each of the numerous pieces of documentation required in each transaction, Encompass360 also empowers companies to transition into an e-mortgage environment by providing a more seamless way of transferring and accessing data, documents and conditions, while also helping them to ensure compliance in a constantly changing regulatory environment. Encompass360 isn’t just powerful and comprehensive, it has also introduced a whole new level of speed, ease and simplicity to the industry. Encompass360 offers the industry’s most transparent views coupled with the fastest accessibility into virtually any aspect of any loan in the client’s pipeline. This combination allows the user to completely customize both micro and macro level management of the business, all in less than three clicks. This unprecedented level of “personalized empowerment” enables users to configure virtually any aspect of the system, adjusting the sequencing and/or manner in which they conduct their businesses, so there’s always an exact match between their objectives and their methodology.
Every action in Encompass360 can be completed in one to three mouse clicks or with drag-and-drop ease. In addition to automatically selecting the right forms when users choose to print, Encompass360 also has safeguards in place that prevent users from printing incomplete forms. What’s more, fields with certain values will trigger automatic email notifications for individual needs like key status changes, and the system can also be configured so that companies can require that users attach any required documents before a loan can proceed to the next stage. Encompass360 also makes it easy for companies that originate FHA loans to transact FHA mortgages, by providing a strong integration with FHA systems, a direct transparent connection to FHA Connect, and one centralized location for all FHA activity. Plus, for companies that are new to the FHA market, Encompass360 offers wizard-like guides that function as virtual attendants at each step of the way.
With Encompass360, users can not only see every level of activity that goes on within the company — from a broad pipeline view to drilled-down loan level details — but can also access literally any detail for any loan, at any stage in the mortgage chain, from point of sale, to electronic data and document management, to tracking conditions prior to or post closing — all virtually instantaneously. Almost every aspect of Encompass360 is completely configurable, which means that users will spend less time searching and sorting, since all of the most frequently used and most important information can be customized to display up front.
“We knew Encompass360 was going to be groundbreaking, and the reactions we’ve gotten from our beta testers help to illustrate that we’re not just talking about a product improvement—we’ve raised the bar for mortgage management systems as a whole,” says Jonathan Corr, chief strategy officer for Ellie Mae. “Specifically, we've been hearing from our beta testers that Encompass360's visibility and accessibility have actually translated into higher closing ratios for their originators, and that literally every division in the company has benefited with higher productivity and accuracy. We designed Encompass360 to offer a virtually unlimited capacity to control activities across the entire mortgage chain, so that every division of a company will benefit from using this powerful new system. For those who haven’t seen Encompass360, it may be hard to imagine that a system can really be that different from what is already on the market. I tell those people not to take our word for it, but to view it for themselves. Seeing is believing.”
About Ellie Mae, Inc.
Ellie Mae is an 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 flagship Encompass® Mortgage Management Solution, Encompass CenterWise™ and Encompass Closer. More than 120,000 mortgage professionals use the Encompass Mortgage Management Solution. Ellie Mae, recipient of the prestigious Inman Award as the most innovative company in the mortgage industry, 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 pass through Ellie Mae’s ePASS technology, enabling mortgage companies to easily and securely conduct electronic business transactions with dozens of leading lenders and more than 2,000 settlement service providers. Ellie Mae is also the parent of Online Documents, the industry’s leading provider of flexible, compliant electronic mortgage documents and related services for the mortgage industry. Ellie Mae was founded in 1998 and is based in Pleasanton, California. To learn more about Ellie Mae, visitwww.EllieMae.com or call 877.355.4362.
© 2009 Ellie Mae, Inc. All rights reserved. Ellie Mae, Encompass, and ePASS (patent No. 7,444,302) are registered trademarks and Encompass CenterWise and Encompass Closer are trademarks of Ellie Mae, Inc. in the United States.