Ellie Mae makes way in paperless real estate
March 31, 2005
Brokers can compile paper files in electronic form
Ellie Mae today announced two new technologies for lenders aimed at improving operational efficiencies, lowering costs, and shortening the time to fund a loan.
The Electronic Document Management product will work toward a true paperless real estate loan creation and submission. The technology allows the broker to compile all elements of a paper file in electronic form.
Through a software interface, accessible through the Ellie Mae's Encompass Mortgage Management System, the broker takes the compiled electronic file, places it into an "eFolder," and submits a complete electronic loan package to the underwriter or lender. The package will be electronically transferred in the appropriate stacking order for the underwriter or lender. The whole submission process takes seconds and requires no manual labor.
"While the concept of paperless loan origination is not new, the vision has not been a reality until today," said Jonathan Corr, senior vice president of products, Ellie Mae. "Using Ellie Mae's EDM solution, the originator can process an electronic loan folder right inside the LOS workflow, assuring ease of use and rapid adoption."
Key features of the electronic document management product include: the ability to capture and integrate all document sources in an electronic folder; import of conditions from GSEs or lender proprietary automated underwriting engine; automatic notification to originator and borrower of needed items; automatic clearing of conditions based on reception of documents.
The second product announced today is ePASS Gateway, which enables ePASS users to integrate with their own B2B enterprise applications or Web site.
Ellie Mae's ePASS technology allows loan originators to access a complete array of settlement services -- such as credit, appraisal, title, flood and closing documents -- that are integrated right into the loan origination system. Every major settlement service provider, as well as thousands of smaller suppliers, is accessible through the ePASS Network.
Web services securely integrate Web-based applications across the Internet, allowing organizations to share business logic, data, and processes. They are not tied to any one operating system or programming language, and do not have a graphical user interface of their own. Web services are available to developers building a Web page or an executable program to offer specific functionality to users.
Ellie Mae provides software and services for the mortgage industry.