A mortgage loan processing system used by a majority of the nation’s lenders has won a business publication’s industry innovation award.
Mortgage industry software provider Ellie Mae announced Thursday that the San Francisco Business Times gave a Tech & Innovation Award to Encompass, a software suite that automates the mortgage process for more than 120,000 mortgage professionals and thousands of mortgage companies, including six of the 20 largest U.S. mortgage lenders.
An enterprise “software as a service” (SaaS) solution, Encompass is billed as an end-to-end solution that handles everything related to loan production, including marketing, loan origination, processing, underwriting, closing and funding, and post-closing and shipping.
Ellie Mae boasts that it enables lenders to originate, underwrite and close loans using one system, instead of having to shift between different applications or a chain of third-party technologies that have been cobbled together to accomplish all of the tasks involved in the loan life cycle.
The full Encompass suite includes Encompass 4506-T Service, Encompass Appraisal Service, Encompass Compliance Service, Encompass Consumer Direct, Encompass Docs Solution, Encompass Document Management, Encompass Flood Service, Encompass Fraud Service, Encompass Product and Pricing Service, Encompass Title Service, Encompass TPO WebCenter, Encompass WebCenter and Total Quality Loan program.
The San Francisco Business Times’ Tech & Innovation Awards recognize the San Francisco Bay Area’s most innovative and enterprising technology companies and entrepreneurs. Out of 300 nominations, 26 winners were selected, including Salesforce, Pandora, Hired and Wal-Mart Global E-Commerce. Awards were presented May 19 at the San Francisco Business Times’ annual Tech & Innovation Awards dinner in San Francisco.
“As far as technology and innovation is concerned, the Bay Area is a world leader, so this award is indeed an honor,” said Ellie Mae President and CEO Jonathan Corr. “We believe this recognition reflects both our growth and our success at attracting many of the Bay Area’s best technology talent, who have played a huge role developing solutions to meet the mortgage industry’s most pressing challenges.”