Mortgage technology provider Ellie Mae has added loan-servicing capability to its Encompass Mortgage Automation System through a new partnership with Multi Financial Services Co., the company said Thursday.
Under the partnership, Multi Financial Services Co. will integrate its Trakker Loan Servicing Software with the Encompass system, enabling loan brokers using the system to service conventional and non-conventional loans, along with existing functionality.
According to Dublin, Calif.-based Ellie Mae, the integration of Encompass and Trakker responds to broker demand to service loans.
“In the last five years, the market has changed considerably for brokers,” explains Terry Ryan, president of Multi Financial Services, based in Tallahassee, Fla. “Instead of selling and immediately table funding to outside investors like Fannie Mae, brokers of all sizes can be seen holding onto a group of loans for interim servicing. They collect one, two or three payments until they aggregate enough loans or the market conditions are right to get a better return. Then they sell the group of loans to the secondary market.”
Ryan predicts a continued growth in the number of mortgage brokers interested in servicing loans and becoming lenders. “We’re seeing more and more brokers become experienced in interim servicing,” Ryan said. “As a result, they’re becoming licensed mortgage lenders in their states, thus broadening their opportunity base.”
The Trakker system includes an automated collections system; a dynamic escrow management system; agency reporting for FNMNA, GNMA and Freddie Mac; expanded variable interest rate function; flexible escrow accounting; batch import payment capability, and more.
Data is transferred from Encompass and is automatically populated into the appropriate Trakker screens, he added.
The Trakker system costs $3,645 for complete loan servicing software, Ryan said. It features free, unlimited technical support and training on a toll-free telephone line. The company provides free upgrades, and does not charge for access from workstations. An unlimited number of people can access it, and can do so from either a LAN or a WAN. The company charges an annual renewal fee, which starts at $400 per year.
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