As lenders continue to look for ways to integrate more technology into the notoriously paper-heavy loan approval process, Ellie Mae is launching a new platform for securing a mortgage entirely online.
The software company, which processes a quarter of all U.S. mortgage applications, launched Encompass Consumer Connect on Monday. The platform, which allows borrowers to complete the mortgage application process online, will provide lenders access to credit, assets and income-to-mortgage ratio, among other qualifying information.
While borrowers will be able to upload documents, view rates and track the status of their applications, lenders will have access to a summary of the client’s financial profile and be able to communicate with them for additional information.
The platform is a necessary step for a customer base that is growing increasingly frustrated with the paper-heavy standard required for mortgage approval, Ellie Mae Executive Vice President Joe Tyrrell told Housing Wire, claiming 60 percent of those seeking a mortgage to buy a home expect to complete the loan application process exclusively online.
“For lenders to effectively compete in today’s purchase-driven market, they need to be equipped to successfully reach the homebuyer at the point of thought,” Tyrrell said in a statement to HousingWire issued on Monday.
Recently, several companies have been trying to invest in the digital mortgage application process and property analytics provider CoreLogic has even published a blog post arguing for increased automation in the current process.
“Encompass Consumer Connect offers an engaging online consumer experience for lenders to turn a consumer’s interest into a quality application that can be closed faster with complete transparency and compliance,” Tyrell said.
As the new product rolls out, Ellie Mae is already testing how it can eventually incorporate virtual voice assistants and artificial intelligence in the mortgage application process.