Just as it said it would earlier this year, Ellie Mae is indeed bringing Freddie Mac’s Loan Product Advisor to Encompass, Ellie Mae’s mortgage management solution.
According to Ellie Mae, Freddie Mac’s new Loan Product Advisor will be included in Encompass 16.2, which is now available.
In a release, Ellie Mae said that it is first to the market with integrations into Freddie Mac’s new Loan Advisor Suite, a flexible, end-to-end loan delivery solution that Freddie Mac executives say can increase lender efficiency and provide earlier insight into representation and warranty relief.
“Loan Product Advisor is the next generation in the evolution of automated underwriting with a focus on further streamlining the underwriting process for greater efficiency,” Ellie Mae said in a release.
- Encompass Compliance Service is provided, as well as tips and best practices for managing your closing fees.Chapter 4, “Encompass Compliance Service”, discusses how to order an Encompass Compliance Service report, view a completed report (complete with a list of returned alerts, errors, and pass/fail messages), and go to a field where.
- PLEASANTON, Calif. 11, 2019 – Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that PennyMac Loan Services LLC, a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI) and currently the largest correspondent aggregator in the United States, will leverage Ellie Mae’s next generation Encompass™ Digital Lending Platform to.
“In addition, Encompass will offer integration with Freddie Mac’s Loan Quality Advisor, available to Freddie Mac sellers,” Ellie Mae continued. “The integration of Loan Quality Advisor, Freddie Mac’s risk and loan eligibility assessment tool, into Ellie Mae’s Encompass allows its customers to originate loans within Freddie Mac guidelines more easily and with greater certainty, taking immediate advantage of the new features Freddie Mac is bringing to market.”
The Ellie Mae TQL Services tool (used within Encompass for fraud detection, valuation, and risk analysis) Encompass CenterWise (a bundled offering of Encompass WebCenter and Encompass Enterprise Document Management (EDM)) Encompass WebCenter (providing professional websites).
Additionally, Ellie Mae said that Encompass 16.2 will soon offer enhanced capabilities for its Total Quality Loan program that gives customers access to “industry-leading services that streamline the loan review process, reduce costs and improve overall loan performance and profitability.”
Ellie Mae added that the new version of Encompass includes DataVerify’s DRIVE services, including fraud detection and 4506-T for income verification, and FraudGuard, First American Mortgage Solutions’ decision-support tool designed to quickly and accurately identify risk in mortgage transactions.
“Through these strategic partnerships, Ellie Mae offers customers greater choice with leading providers while providing consistent processes across the enterprise,” Ellie Mae said.
“The latest version of our Encompass all-in-one mortgage management solution will offer enhanced TQL capabilities, more customer choice with leading providers like First American Mortgage Solutions and DataVerify and updates to the Encompass Product and Pricing Service,” said Jonathan Corr, president and CEO of Ellie Mae.
“And with this new release of Encompass, Ellie Mae is first to market with our integration with the new Freddie Mac Loan Product Advisor and Loan Quality Advisor, key elements of Freddie Mac’s Loan Advisor Suite,” Corr added. “This release incorporates their tools directly into Encompass, offering our customers greater certainty and more streamlined workflow.”
Artificial Intelligence company Quantarium announced on Thursday its partnership with Valligent Technologies to launch a condition adjusted “Quantarium Valuation Model” for equity lending, broker price opinions and real estate owned valuations.
The latest tech, coined QVM-Insights, leverages Quantariums AI power to incorporate real-time updates of a property’s condition to provide users with an automated valuation model.
It does so by prompting the AI to run hundreds of thousands of generations to understand and optimize information on micro-markets at the neighborhood, ZIP code or county level. Coupled with Valligent’s real-time streaming data and virtual inspection, the AI can then validate and learn what is most valuable in the data itself. It can also factor in the effects of local events like foreclosures and recent sales.
“QVM relies on a cascade of proprietary solutions, including machine learning techniques such as evolutionary programming, neural networks and genetic modeling that mimic biological processes, to get the most accurate results,” said John Smintina, Quantarium’s chief analytics officer.
For Quantarium, AI integration in the mortgage process has been a longterm goal – and something chef marketing and revenue officer, Romi Mahajan, said servicers should be prepared for.
“Servicing is very much about knowing your customer not only in the present state but being able to predict where they are going in future states, based on intelligent guessing, otherwise known as analytics,” Mahajan explained. “AI, especially ground-up, explainable AI, is perfectly suited to this task of knowing the customer.”
A Wednesday announcement from Zest AI, formally known asZestFinance, revealed mortgage giant Freddie Mac is also planning to utilize AI for borrower solutions. According to the release, Zest’s machine learning tools will partner with Freddie Macs credit decisioning models for managing risk.
Appropriately named the Zest Model Management System, the tech enables lenders to analyze large amounts of credit data that Zest says will help increase approval rates and reduce the risk of faulty credit decisions.
The platform also provides the ability to explain data modeling results to measure business impact and help comply with regulatory requirements.
“Freddie Mac is always evaluating technology solutions that meet our high standards and support our continued commitment to expanding homeownership opportunities responsibly, especially among first-time homebuyers, communities of color, and those living in underserved markets,” said Michael Bradley, Freddie Mac’s senior vice president of modeling, econometrics, data science and analytics for its single-family business.
“Zest allows us to do our machine-learning modeling work more efficiently and with less operational risk,” Bradley said.
Credit reporting agency Equifax also announced on Thursday its latest effort to expedite the borrowing process with its launch of Mortgage Duo – a platform that allows credentialed mortgage lenders to return instant verifications of employment and income for joint applicants.
The tech works through a single transaction via The Work Number database – a centralized commercial repository of income and employment information in the U.S. Users then eliminate the need for a lender to place individual orders for each borrower’s report.
“We recognize that people often apply for mortgages with a co-borrower, such as a spouse,” said Joel Rickman, senior vice president of verification services for Equifax. “The breadth of The Work Number database, with more than 111 million active records, allows us to deliver a new verification solution that helps lenders continue to build efficiency into their digital originations.
“With Mortgage Duo, they can instantly verify employment and income for both borrowers through a single automated transaction which helps decrease duplicative tasks and further reduces friction in the loan origination process,” Rickman said.
Lastly, cloud-based platform provider Ellie Mae released its latest updates to the Encompass platform on Monday. The 20.2 version arrived just over six months after the 20.1 Major Release in May, and boasts enhancements for lenders that support an omni-channel approach and the ability to design around business process terms and workflows.
The latest updates include:
- Updated functionality that provides a more flexible, lender-configurable model that can support omni-channel business models
- Offering enhanced administrative tools to manage condition templates
- Supporting more granular options for condition management controls
- Extending APIs to support external workflow engines
According to the release, a new document viewer is an added perk that utilizes cloud storage for automatic document conversion. The document viewer leverages v3 of Ellie Mae’s Encompass Developer Connect eFolder Attachment APIs which are backward compatible to Encompass.
In September, Ellie Mae was officially acquired by Intercontinental Exchange. With the release of its latest Encompass enhancements, ICE President Joe Tyrrell said that ICE is constantly working to innovate and deliver more automation of digital mortgages on behalf of its lenders.
Ellie Mae Encompass For Mac
“With this major release of Encompass, we are providing new levels of automated service ordering, efficient and collaborative workflows and the foundation for our hybrid eClosing which we are launching in just a few weeks. This is mission-critical for lenders, especially when they are experiencing peak volumes, remote workforces and homebuyers seeking high tech capabilities with human touch availability,” Tyrrell said.