Ellie Mae Further Automates HELOC Lending in Encompass


Recognizing that the opportunity for lenders to capitalize on home equity line of credit (HELOC) trends has never been greater, Ellie Mae has added new capabilities to its Encompass Digital Lending Platform to further automate HELOC lending.

Version 19.3 of Encompass provides 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.

This includes the ability to dynamically generate historical examples that are provided as part of the Important Terms Disclosure and the ability to configure HELOC offerings and calculations.

Lenders can also now configure language within the HELOC Agreement and Important Terms Disclosure.

These new enhancements will help lenders acquire HELOC customers and originate and sell HELOCs with greater efficiency at a higher return on investment in a single platform, Ellie Mae says in a release.

According to the Mortgage Bankers Association, 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. 

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,” says Joe Tyrrell, chief operating officer, Ellie Mae. “As home prices continue to rise, total available home equity across the country has continued to increase in parallel. 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.”

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