What Are The LOS Firms Up To?

Every LOS has been busy tackling TRID for some time now. Well, that threat is behind us. So, I started to think: What are the various LOS players up to now? Here’s what I found:

First, Ellie Mae recently launched three new solutions. The Ellie Mae Compliance Management System, Ellie Mae’s next generation Encompass CRM and the Encompass Mobile solutions were unveiled at the Ellie Mae Experience 2016 user conference.

The Ellie Mae Compliance Management System allows lenders to establish compliance policies, procedures and responsibilities, educate management and staff, easily qualify vendor partners and quickly track and respond to customer complaints. Designed for mortgage lenders, banks and credit unions of all sizes who need to demonstrate compliance with the Consumer Financial Protection Bureau (CFPB) and other regulatory requirements, the Ellie Mae Compliance Management System is a unified system-of-record for all mortgage compliance data. It leverages Encompass and Mavent Compliance Service, which performs more than 370 federal, state and local consumer protection compliance reviews during the loan lifecycle, and AllRegs Online, a library of federal and state compliance resources to help lenders employ the correct policies and procedures and stay current with the latest regulatory changes. Additionally, it offers the following new components:

Featured Sponsors:


>> Policy & Education Manager: A comprehensive learning and content management system to help employees stay compliant with current regulations, agency guidelines and organizational best practices. Assign educational modules, track progress and create reporting to ensure your board, management and staff understand your organization’s policies, procedures and responsibilities.

>> Vendor Manager: A one-stop resource library of due diligence documentation and resources for Ellie Mae’s broad network of vendor partners.

>> Complaint Manager: A best-in-class service to manage consumer complaint resolutions, processes and best practices, including contacts, customers and tracking of communication history, as well as case management of customer complaints.

Ellie Mae’s next generation Encompass CRM provides automated one-to-one marketing, compliance and business intelligence needed to capture and keep the attention of referral partners, prospects and customers. Lenders can dramatically increase marketing effectiveness through personal, individually tailored communications while increasing the effectiveness of campaigns utilizing robust business intelligence. Specifically, Encompass CRM offers:

>> Automated One-to-One Marketing: Unique, detailed and tailored marketing campaigns, automatic prospect assignments based on individual situations, and access to a library of more than 200 email template campaigns, newsletters, videos and direct mail specifically designed for mortgage targets, as well as the ability to customize your own content.

>> Business Intelligence: Enables lenders the ability to benchmark against competition, identify of areas for improvement and the ability to capitalize on opportunities through detailed reporting that shows productivity, ROI and LO/branch performance.

>> Compliance & Control: Offers sophisticated, legally reviewed compliance and the best data security in the industry—SOC 2 Type II audit certification, along with improved compliance through one system of record.

Encompass Mobile is a robust, scalable mobile platform that is an extension of Encompass. Encompass Mobile lets users seamlessly interact with Encompass from iPhones, iPads and Android devices without having to download special apps or install client software. Encompass Mobile:

>> Offers real-time access to pipelines, anywhere, from any device,

>> Enables the ability to take applications, order credit, and lock a rate using data from the Encompass Product & Pricing Service, and

>> Was designed with the highest levels of data access and application security built-in.

“As we continue to drive toward our mission of automating everything automatable in the residential mortgage industry, these best-in-class solutions extend and enhance our already powerful Encompass offering and add value for lenders of all sizes,” said Jonathan Corr, Ellie Mae president and CEO. “Through the launch of our next generation Encompass CRM, the Ellie Mae Compliance Management System and Encompass Mobile, we’re enabling our customers to ensure compliance while operating more efficiently and effectively.”

Second, Calyx Software has developed separate versions of its Pricer Product & Pricing Engine for portfolio lenders with their own rate sheets (Custom Pricer) and originators looking for investor pricing supplied by Calyx (Investor Pricer).

Both versions are used seamlessly with Calyx Point, eliminating multiple logins, loan program templates, and the need to rekey data. The bidirectional data flow simplifies processes and improves accuracy and efficiency. Users can locate the best deals for their clients, see the street price for borrowers, and lock or float rates and their loans all online within the software they use every day.

Bob Dougherty, vice president of mortgage operations, Merchants Bank, N.A. who has used Pricer for years, particularly appreciates the product’s ease of use and the automated accuracy he can count on. “Having all loan products in one place, with the ability to check the loan levels for each and see any adjustments, keeps our team on track at all times. Pricer has sped up production and reduced error, which helps our originators be more efficient and profitable.”

Loan originators can price scenarios instantly and correctly in both versions without using paper, and only eligible rate cards and programs are visible to users. Rate and fee information, including Loan Level Price Adjustments (LLPAs), are automatically imported into loan files. Pricer also sends, tracks and preserves every rate quote and lock request.

“The latest enhancements to our Pricer solution are designed to better match the specific needs of both buyers and sellers in today’s more complex, post-TRID, post-QM market,” said Dennis Boggs, executive vice president, Calyx Software. “Our product and pricing engine gives originators the broadest view of what is available.”

Lastly, Advantage Credit Inc., a leading provider of credit reporting services to the mortgage industry, is pleased to announce that all credit and settlement services are now available through LendingQB, a 100% web browser-based, end-to-end mortgage loan origination system (LOS).

Users of LendingQB will now be able to seamlessly access all of Advantage Credit’s services without leaving the platform, giving users the ability to close loans much more quickly and efficiently. Integrated services include credit reports, tradeline supplements, undisclosed debt verification, identity verification, AVM, tax return verifications, verification of employment, verification of deposits and flood certificates.

While navigating within a loan file, LendingQB users order multiple services through a unified interface, consolidating what was previously an array of time consuming tasks. When orders are complete, any returned documents are stored electronically and data associated with the service is automatically populated onto the loan file. The interface also displays a total cost for all Advantage Credit services so that fee information is completely transparent to the user.

What can we learn from what these LOS players are doing? There is an emphasis on mobile computing, lights-out processing and tighter integrations. What does this mean? The major LOS systems are moving on and automating more of the mortgage process each and every day.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.