Ellie Mae is reinventing itself again. The technology company says that it wants to be the system of record and an operating system, not an LOS. Ellie Mae will accomplish this with the launch of The Encompass Lending Platform, which gives customers, partners and independent software vendors a secure, scalable platform plus a suite of Application Program Interfaces (APIs) and developer resources to enable them to extend Encompass with new functionality, easily integrate Encompass with external systems and data, and build custom applications in the cloud. Here’s how it will work:
Leveraging the Encompass Lending Platform APIs, Ellie Mae has built a suite of applications, branded as the Encompass Connect solutions, that will help improve visibility and collaboration between loan officers, third-party originators, developers and homebuyers. Ellie Mae’s Encompass Connect solutions provide unique user interface and functionality to improve the efficiency and collaboration of the various parties who are involved in the mortgage loan process. The first Encompass Connect Solutions include:
Encompass TPO (Third Party Originator) Connect™ – Encompass TPO Connect offers wholesale and correspondent lenders a modern and collaborative web experience for their TPO partners that promotes compliance, data integrity, and easy sharing of data and documents, as well as bi-directional communication throughout the loan process.
Encompass Loan Officer Connect™ – Encompass Loan Officer Connect provides a fast and easy way for loan officers to originate and track the progress of loans securely and instantly from any device, including mobile phones.
Encompass Consumer Connect™ – Encompass Consumer Connect enables lenders to deliver a state-of-the-art engaging, self-service online loan origination experience for homebuyers that lenders completely control and can easily create.
Encompass Developer Connect™ – Encompass Developer Connect provides developers with APIs, tools and a comprehensive developer portal they can use to create new features for Encompass, easily integrate Encompass with external systems and data, and build and deploy custom applications in the cloud.
The Encompass Connect solutions launch throughout the fourth quarter of 2016; Encompass Developer Connect will be available in the first quarter of 2017.
“To put it simply: with a platform approach to lending, the opportunities and ideas are endless. Today’s launch of the Ellie Mae Encompass Lending Platform puts more power into the hands of our customers, partners and developers, enabling them to rapidly extend, integrate, and build new capabilities with Encompass that serve to differentiate and grow their businesses,” said Jonathan Corr, President and CEO, Ellie Mae. “The Encompass Lending Platform helps us deliver on our mission of automating everything automatable in residential mortgages. It’s a giant step forward for the mortgage industry.”
So, will this work? In fact when companies like salesforce and Apple were closed, they were less successful. Salesforce become hugely successful once it opened up the platform by creating APIs to enable its users to add new systems and functionality. Similarly, Apple became hugely successful when they opened up their products to allow developers to create apps and other products that enhance Apple products. Will the same thing happen for Ellie Mae? We’ll see, but the immediate reaction from their lenders is very positive.
“Ellie Mae’s Encompass Lending Platform is poised to revolutionize lending,” said Bill Cosgrove, President and CEO, Union Home Mortgage. “We’ll be able to build and launch new solutions more rapidly and with no added technology investment. The platform arms us with the capabilities we need to transform how we interact with and serve homebuyers while staying ahead of the competition.”