Ellie Mae recently expanded the functionality of its cloud-based platform, created for the mortgage finance industry, with the addition of automation capabilities.
The addition is designed to enable the company’s Encompass Digital Lending Platform to be more efficient in home equity line of credit (HELOC) lending, helping lenders acquire HELOC customers and originate and sell HELOCs with higher return on investment in a single platform, according to a press release.
The Mortgage Bankers Association has reported that the amount of available home equity in the U.S. increased to $13 trillion in 2016, from less than half that amount in 2011. As both single family housing inventory and interest rates remain relatively low, home owners are remaining in their existing homes and tapping into the available equity in their homes, the release states. According to Transunion, more than 14.5 million homeowners are expected to take out HELOCs in the next four years.
“The opportunity for lenders to capitalize on HELOC trends has never been greater. As home prices continue to rise, total available home equity across the country has continued to increase in parallel,” Ellie Mae Chief Operating Officer Joe Tyrrell said in the release. “To help lenders capitalize on the increased consumer demand for HELOCs, Ellie Mae has introduced more functionality designed to help lenders originate more loans, lower costs, and deliver an improved borrower experience across the entire HELOC lending lifecycle in a digital lending platform.”
The latest 19.3 major release of Encompass is equipped to provide expanded HELOC functionality which adds the ability to preconfigure the set up key disclosure information. With these new configuration capabilities, automation and dynamic documents, customers can quickly ramp up multiple HELOC product offerings in all 50 states. That includes:
- The ability to dynamically generate historical examples that are provided as part of the Important Terms Disclosure
- Significant capability for customers to configure their HELOC offerings and calculations
- Major enhancements for customers to configure language within the HELOC Agreement and Important Terms Disclosure
This release is a culmination of several previous releases which have added HELOC enhancements across the Digital Lending Platform. Now, with Ellie Mae’s Encompass Digital Lending Platform, lenders can leverage expanded capability to simplify and automate every aspect of their HELOC workflow, ensure quality and compliance and deliver a better customer experience.