Ellie Mae, a software provider for the mortgage industry, has launched its Encompass Processing Network, which will enable Encompass users to outsource loan-processing services from within Encompass to reduce mortgage processing costs and increase efficiency, the company said today.

The Encompass Processing Network provides mortgage originators instant access to domestic and offshore loan-processing services.

E-OPS Loan Processing is one of the first service providers to be integrated within the Encompass Processing Network. E-OPS is an around-the-clock, offshore, paperless mortgage processing service.

The Encompass Processing Network will enable originators to easily submit a file to E-OPS for loan processing. Originators will simply select E-OPS from the “Services” tab within Encompass, and with two mouse clicks will be able to submit files for processing without the time or expense of having to courier files. As the processors gather documents needed for processing and closing the loan, a single electronic loan file is maintained in which all pay stubs, disclosures and forms are imaged and sorted. When processing is completed, the loan file is returned electronically to the originator, enabling mortgage originators to maintain a paperless loan file.

E-OPS processes conventional, FHA, VA, prime and sub-prime loans, and claims to offer the country’s fastest and most inexpensive loan processing services.

The Encompass Processing Network will be accessible exclusively to Encompass users, and is scheduled for release by the end of the year.

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