Fairway Independent Mortgage Corporation upgrades to Encompass Loan Origination System from Contour and Genesis
Processing times drop from 15-20 days to 3-5 days
Dublin, CA—September 4 2007—Ellie Mae, an award-winning provider of innovative software and services for the mortgage industry, has announced that Fairway Independent Mortgage Corporation, a full-service mortgage banker with over 100 branch locations throughout the U.S., has achieved faster turnaround times, reduced costs, and is better able to meet borrower expectations after implementing Ellie Mae's Encompass Mortgage Management System in over 80 percent of its branches.
The upgrade to Encompass was started by Fairway branch manager Brad DeBroux, who would eventually be promoted to Encompass systems administrator. When DeBroux first became a Fairway branch manager, he decided to purchase Encompass after hearing about its capabilities. "I could immediately see how robust the software was," he says. "I was impressed with how quickly things could get done. In particular, I found great value to the Encompass document tracking and electronic document management capabilities, and I was amazed at how much we could automate our processes. In fact, by using Encompass our processing times dropped to five to seven days, whereas before it was taking 15 to 20 days."
DeBroux's Encompass implementation was so successful that he began to look at Encompass as an overall solution for Fairway as a whole. "As brokers, we were experiencing the same difficulties that everyone in the industry faces," explains DeBroux. "The issue is that everything in the loan process is unique—every property, every borrower—which makes for a lot of different guidelines and decisions. We found that not only as a branch and as a company, but also as an industry, we were having to rush things to underwriting at the last minute and deal with issues that really should have been dealt with beforehand." DeBroux realized that the very features that impressed him most about Encompass could provide solutions for the issues that all of the Fairway branches were facing. After DeBroux carefully customized the features to meet Fairway's needs, Fairway agreed to offer the solution companywide.
Since first offering Encompass company-wide, over 80 percent of Fairway's branches have chosen to upgrade to the Encompass system, and are overwhelmingly happy. "I think that I save about 50 to 75 percent of my time by using this system," states Mimi Kelly, one of Fairway's top producing branch managers based in Chandler, Arizona. "Yesterday while I was on the phone with a client, I ordered an appraisal, submitted a file to DO, submitted that same file to MGIC, ordered a wire, and sent a final credit package to the underwriter. I never even got up from my desk!"
Thanks to Encompass, DeBroux and almost 400 other Fairway Encompass users no longer have to deal with the industry-common issues brought about by dynamic change that were plaguing them with their other loan origination systems. "The Encompass tools, like document tracking and electronic document management, allow us the ability to retool and catch potential issues before they come into play," DeBroux adds. "Encompass gives us the ability to adapt to the ever-changing market. In fact, we strongly encourage our users of Contour, Genesis and other loan origination systems to make the upgrade. It just makes sense."
Joe Langner, chief operating officer at Ellie Mae, agrees that the time has come for users of systems like Contour and Genesis to upgrade. "We're in the process of upgrading our Contour and Genesis customers to Encompass and, much like Fairway, we are receiving great responses from those who make the switch. We know these technologies very well, so we are confident it makes sense for them to upgrade. Plus, we make it very easy for them to upgrade."
About Ellie Mae
Ellie Mae, an award-winning provider of software and services for the mortgage industry, offers a comprehensive line of solutions that include 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 Fairway Independent Mortgage Corporation
Headquartered in Sun Prairie, Wisconsin, Fairway Independent Mortgage Corporation is a full-service mortgage broker/banker providing a full product line. Fairway is approved with over 300 top lenders and was founded upon the mission of providing the highest levels of customer service. With over 100 net branches nationwide, the company recently ranked the sixth largest mortgage brokerage according to Broker magazine, and has consistently closed well over $1 billion in loans per year since 2001. For more information on Fairway Independent Mortgage Corporation, please visit www.FairwayIndependentMC.com or call (608) 837-4800.
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. Ellie Mae, Inc. and its products are not affiliated or associated with Calyx Software or Point. Point is a registered trademark of Calyx Software.
Strategic Vantage for Ellie Mae