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A sample company using Ellie Mae’s Encompass can realize an average of 57 percent ROI in less than three months, reduce costs per loan by $231 and avoid up to $75,000 in annual compliance costs – commissioned study by Forrester Consulting.
More than 90,000 mortgage professionals trust Encompass® to minimize origination costs and maximize retail, wholesale, correspondent lending performance. (Source – Ellimae.com).
Decrease in mortgage purchase loan volumes
Change in the sourcing model
Regulatory Compliance
These challenges are a result of macro-economic conditions but banks need to put in place systems and processes to manage what has become the “new normal” for the industry. Technology can be a great enabler in achieving growth by overcoming these challenges.
Many in the forefront are compelled to look for effective technology solution in Loan origination space and TakeFive Consulting has been one of the pioneers in Encompass360 Consulting to evaluate, select and implement one of the leading Loan origination systems – Encompass360.
Mortgage Banking Magazine reports that 78% of implementations are either late, over-budget or failed to meet expectations while 11% are cancelled or abandoned altogether. Origination systems are expensive, but the total cost isn’t just what you will pay the vendor. It’s also the 3x cost of the software that is tied up in the opportunity costs, internal employee costs, and the direct labor associated with implementing a new system.
As an experienced Encompass 360 Consultant, TakeFive offers 360° consulting for Encompass Business Analysis, Encompass360 Implementationand Encompass Administration.
Here is a comparison between Encompass360 and few other major players.
Features
Vendor
Deployment
Regulatory Compliance
Automated Underwriting
Pricing Engine Options
Channels
Document Management
Appraisal Delivery
CRM
Account Verification
Closing
Encompass 360
Ellie Mae
Cloud, SaaS, Web
Loan compliance is easy with the use of Mavent. Mavent analyze loan data to determine compliance with more than 370 federal and state consumer protection laws
Includes automated workflow for Desktop Underwriter, the industry\'s leading automated underwriting system
LoanSifter, a provider of web-based product and pricing tools, has integrated its namesake product and pricing engine (PPE) into Encompass
Retail, Wholesale, Correspondent, Broker
Paperless electronic document experience with Encompass Docs Solution, options for eSignatures and eInitials
Elli Mae’s integrates with Dart Appraisals for direct user-to-AMC communication and other automated functions to speed the mortgage loan process.
Encompass has integrated Vantage Technology’s VIP solution for mortgage-specific CRM technology
FormFree’s AccountChek enables Encompass users to verify a loan applicant’s deposits and assets in minutes.
Inbuilt automation process for closing and funding.
Empower
Black Knight Financial Services
ASP-hosted, Web
Empower supports compliance with Fannie Mae and Freddie Mac requirements for delivery of Closing Disclosure data
Includes a powerful, configurable rules engine that automates the underwriting credit-risk assessment process
Integrates with Lender Price for product pricing & eligibility (PPE) solution complete with full mobile functionality and business intelligence
Retail, wholesale and consumer-direct
Full workflow and dynamic data capture capabilities, data validation
Electronic Appraisal Delivery portal is possible with the integration with Global DMS, a leading provider of cloud-based valuation management software
CRM Solutions are provided by integration with SalesEdge.
Empower also uses FormFree’s AccountChek to verify a loan applicant’s asset and deposit information .
Includes a technology named Closing Insight to streamline the complex, multi-party closing process in support of TRID requirements
NetOxygen
Wipro Gallagher Solutions
Cloud, SaaS, Web, Windows
The integration with DocuTech, a provider of mortgage compliance services and documentation technology, enables lenders to easily generate compliant documents and disclosures from any web connection.
Tie up with Veri-Tax , a leading national verification specialist for automated underwriting process
Integrates with Mortech’s Marksman pricing engine to compare real-time pricing quotes from multiple investors for any type of loan program
Retail, wholesale, correspondent, consumer, and consumer direct
Integrated with LoanStacker which recognizes over 400 Origination & Closing Documents.
Integration with Mercury Network enables NetOxygen customers to automatically order the appraisal and receive regular status updates on the order, inside their loan folder.
Uses in built technology for developing applications for customer relationship management;
Net Oxygen partners with Veri-Tax LLC, a leading national verification specialist, to streamline verification solutions.
Net Oxygen Integrates with Mortech’s Marksman for optimizing loan closing process.
Lending QB
LendingQB
Cloud, SaaS, Web
LendingQB has incorporated Compliance EAGLE, QuestSoft’s automated compliance solution, into its LOS platform to maintain compliance throughout all stages of the loan origination process.
Integartion with PriceMyLoan allows to use the accuracy of the PML automated underwriting
Integrated with ProLender for loan pricing engine options
Retail, Correspondent, Broker/Wholesale, Construction
LoanImporter for LendingQB gives the integration for the LoanStacker system into the LendingQB LOS.
With Integration with Valuelink, LendingQB users will have the ability to seamlessly order, track, and receive final delivery of appraisals directly within the loan file
CRM Solutions are provided by integration with Mortgage iQ CRM.
Credit Interlink integrates Income Verify with LendingQB for faster verifications
Simplifile has integrated its Collaboration and Post Closing services with LendingQB
Calyx Point
Calyx Software
Cloud, SaaS, Web, Mobile
QuestSoft, a provider of automated mortgage compliance software, has integated with Calyx Software for regulatory compliance with new HDMA rules
Calyx Point includes Desktop Originator (DO) and Desktop Underwriter (DU) for Automated Underwriting.
Mortech\'s integration with Calyx LOS allows to access mortgage pricing engine directly from Calyx Point.
Retail, Wholesale, Correspondent, Broker
Inbuilt integration for managing and storing documents easily at no additional cost.
Calyx Point has inbuilt appraisal delivery system called Appraisal Firewall which is a secure, web-based real estate appraisal ordering solution
CRMNow, the maker of Mortgage iQ has tied up with Calyx Point for CRM solutions.
Calyx Point has integrated with VODAchek, the automated asset verification service
Calyx Point has integrated with LodeStar which automates the closing disclsoure procedures
Feature assistance:
If you need assistance with any of your encompass features, whether to integrate an existing technology or develop a new functionality or a custom application, TakeFive Consulting has experienced technologists with financial services exposure offering more than a few options ranging from IT Staffing and consulting to project outsourcing. We offer custom Encompass implementation and administration services
If you are looking for something that are not on the list, please Contact us.
Utilities Development
TakeFive Consulting, with its deep financial services experiences, has developed custom Encompass360 utilities that enhance the existing loan origination in terms of workflow and compliance capabilities. Please contact us to have your business process analyzed and develop custom utilities or integrate already existing.
Plugins Management
Each business process is unique; plugins become a way of connecting business processes to fulfill requirements from different departments and business units. TakeFive consulting develops custom and integrate third part plugins for a seamless Encompass360 environment.
Please Contact us to request for plugin development.
Forms management
TakeFive Consulting offers custom input forms such as Closing, Origination, Processing, Underwriting, Compliance etc., to streamline operations and processes within the Encompass360 platform. Accommodating new complex and numerous regulations easily and flawlessly into the system would increase your opportunity to succeed and we aim to work with you.
Please Contact us to create custom input forms.
Get started now, Call us at 1800.846.1619 or email us at info@www.takefiveconsulting.com