Ellie Mae Expands HELOC Automation

The Encompass Digital Lending Platform now offers expanded functionality with additional automation capabilities for greater efficiencies in home equity line of credit (HELOC) lending. This helps lenders acquire HELOC customers and originate and sell HELOCs with greater efficiency at a higher return on investment in a single platform.


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According to the Mortgage Bankers Association, the amount of available home equity in the United States increased to $13 trillion in 2016, from less than half that amount in 2011. As both single family housing inventory and interest rates remain relatively low, home owners are remaining in their existing homes and tapping into the available equity in their homes. According to Transunion, more than 14.5 million homeowners are expected to take out HELOCs in the next four years. 


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“The opportunity for lenders to capitalize on HELOC trends has never been greater. As home prices continue to rise, total available home equity across the country has continued to increase in parallel,” said Joe Tyrrell, chief operating officer, Ellie Mae. “To help lenders capitalize on the increased consumer demand for HELOCs, Ellie Mae has introduced more functionality designed to help lenders originate more loans, lower costs, and deliver an improved borrower experience across the entire HELOC lending lifecycle in a digital lending platform.”


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The latest 19.3 major release of Encompass provides expanded HELOC functionality which adds the ability to preconfigure the set up key disclosure information. With these new configuration capabilities, automation and dynamic documents, customers can quickly ramp up multiple HELOC product offerings in all 50 states. This includes:


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>>The ability to dynamically generate historical examples that are provided as part of the Important Terms Disclosure

>>Significant capability for customers to configure their HELOC offerings and calculations

>>Major enhancements for customers to configure language within the HELOC Agreement and Important Terms Disclosure

This release is a culmination of several previous releases which have added HELOC enhancements across the Digital Lending Platform. Now, with Ellie Mae’s Encompass Digital Lending Platform, lenders can leverage expanded capability to simplify and automate every aspect of their HELOC workflow, ensure quality and compliance, and deliver a better customer experience. The end-to-end HELOC experience includes:

  • Sales & Marketing: Efficiently acquire new prospective HELOC customers with intelligent, data-driven marketing automation, lead management and sales productivity tools.
  • Point of Sale / Borrower Application: Increase application volume and deliver an amazing customer experience by enabling borrowers to easily apply for a HELOC from anywhere on any device.
  • Origination: Easily qualify HELOC borrowers, customize programs, underwrite loans and generate disclosures all from a single location.
  • Secondary Marketing: Sell HELOCs faster and increase capital with the ability to price, sell and deliver HELOCs to investors from a single system of record.
  • Correspondent: Purchase HELOCs and receive relevant data and docs from sellers with ease, automation and security.
  • Compliance: Stay compliant with HMDA reporting regulations.