Ellie Mae’s Encompass Consumer Connect Eclipses 400,000 Loans In A Single Month As Lenders Engage Homebuyers Virtually
Ellie Mae, the leading cloud-based loan origination platform provider for the mortgage industry, announced that Encompass Consumer Connect has seen significant adoption as lenders turn to more virtual technology solutions to increase consumer engagement. Homebuyers submitted over 400,000 loans via Consumer Connect in a single month in 2020, more than 300 percent growth over the same time period the year prior. As of May 31, more than 1.5 million loans have been started in 2020 using Consumer Connect.
In addition to providing a seamless digital experience for homebuyers, Consumer Connect provides a scalable, intuitive experience for consumers, that also helps lenders close loans faster. Many lenders are seeing efficiencies including reductions in turn times from application to an underwritten loan, that is shaving days off the process, all while delivering higher conversion rates from applications started to those that are ultimately submitted to the lender. These success metrics are even more impactful to a lender’s bottom line, given that Consumer Connect is included with Encompass® at no additional cost.
“We recognize that in these unprecedented times, lenders are experiencing increased loan volumes while contending with the need to support this demand virtually, both in terms of engaging consumers, as well as their own workforces,” said Joe Tyrrell, chief operating officer, Ellie Mae. “With Encompass Consumer Connect we provide every Encompass lender the ability to easily engage consumers and convert their interest into an application, through a modern, intuitive and completely personalized experience. We have also added the capability to seamlessly and instantly connect those consumers with anyone within the lender’s organization, even those working from home, automatically, through our complete Ellie Mae Consumer Engagement solution. These incredible loan volumes through Consumer Connect, which are increasing each month, validate the impact that a lender can have when combining high-tech with instant high-touch, to ultimately drive more business and get borrowers into homes faster.”