Ellie Mae Rolls Out New Borrower Self-Service Solution

When it comes to applying for a mortgage, today's Gen X and Gen Y borrowers don't want to spend a lot of time sitting in a bank filling out forms – or worse, having to go back the next day to fill out more forms. That's why lenders today are rolling out Web-based, self-service systems that give borrowers full control over the mortgage application process from the device of their choice.

As such, technology provider Ellie Mae has rolled out a new self-service and lead-generation solution for lenders that it claims can shorten the mortgage process for borrowers to as little as 15 minutes.

The new solution, dubbed Encompass Consumer Direct, is being offered as an add-on to Ellie Mae's Encompass loan origination system (LOS). Lenders can configure Consumer Direct to match their business models – all they have to do is load their products into the system via Ellie Mae's product and pricing engine.

The advantage of the Web-based system, Ellie Mae claims, is that it automates and thus speeds the mortgage application process for both borrowers and lenders. The result, the company claims, is increased efficiency and improved customer satisfaction.

With this new system integrated with the LOS, borrowers will be able to do the following:

  • Research loan products and rates;
  • Apply for a loan through a guided, user-friendly interactive application;
  • Order and pay for credit reports;
  • Shop for loan programs and compare products and rates side-by-side;
  • Receive disclosures and online status updates about their loan from the lender; and
  • Upload and electronically sign documents.

Ellie Mae claims that by guiding borrowers through an automated, step-by-step, online process, lenders can also give borrowers greater control and insight throughout the loan lifecycle.

The system also sports a ‘shopping cart’ type feature wherein if a borrower abandons during the process, a cookie is placed in their browser so that the system can remember where the borrower was on the site, what products they considered and how far they progressed with the application.

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