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Eye on the Industry: Updates on Ellie Mae, Land Gorilla, and More

Updates

From technology upgrades to new partnerships get the pulse of the mortgage industry in this weekly update.

California-based cloud-based platform provider for the mortgage finance industry, Ellie Mae, announced the launch of a new major release of its Encompass digital mortgage solution. The latest release will help lenders of all sizes originate more loans, lower origination costs and shorten the time to close with compliance, efficiency, and quality, Ellie Mae said. Key highlights include enhancements to support Know Before You Owe 2 (KBYO2) rule changes, a new customizable TPO workflow, new correspondent investor integrations, and product and pricing enhancements. "We're offering complete digital mortgage solutions to help our customers succeed by enabling them to close more loans by increasing efficiencies, reduce the time to close by offering intelligent automation and reducing the cost to originate," said Jonathan Corr, President, and CEO of Ellie Mae. "With 18.3 major release of Encompass, we're ensuring compliance with the upcoming Know Before You Owe guidelines and offering enhancements to our Connect solutions to help our lenders be more productive while growing their businesses."

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California-based construction loan management software provider, Land Gorilla, has announced a technology integration with Black Knight'sLoanSphere and Empower loan origination systems (LOS). This integration will provide lenders with full visibility and control of their construction loan pipeline, from origination to  post-close management, Land Gorilla said in a statement. Through this integration, lenders will have the ability to transfer loan data from the Empower system to Land Gorilla’s Construction Loan Manager (CLM), saving time for loan onboarding, increasing process efficiency and consistency, and reducing errors. “We are very excited to bring our premier technologies together in this integration to provide a more efficient experience for lenders,” said Sean Faries, CEO, Land Gorilla. “The integration between Black Knight and Land Gorilla will equip users with the transparency, risk abatement, and cost efficiencies required to be successful and meet the growing demand for construction and renovation loans.”

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Lenders One Cooperative, a national alliance of independent mortgage bankers, has announced the launch of the Lenders One eClosing by DocMagic, a complete eClosing solution for borrowers, lenders, and investors. The eClosing solution provides an entirely paperless workflow that integrates every component of the closing process and guides users through each step. The solution was launched during the Lenders One Summer Conference in Salt Lake City, Utah. According to a Lenders One statement, "When using the solution, the average loan closing “at the table” can be reduced from 60 minutes to 15 minutes, helping to dramatically improve the borrower experience." The solution includes features such as integration with major LOS platforms to generate e-enabled documents,  an embedded compliance engine that automatically audits documents and data against applicable industry laws and regulations to help ensure compliance throughout the loan lifecycle.

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digital lendingHome Bank, the Denver-based subsidiary of Home Bancorp, Inc. announced that it had implemented the Loan Fulfillment Center (LFC) from Mortgage Cadence, an Accenture company. Available through the Mortgage Cadence cloud for swift accessibility, LFC is a retail loan origination platform capable of handling mortgage requirements from application to closing and delivery. After a 90-day implementation, Home Bank is now live on the platform and is also using its integrated Borrower Center, an intuitive online origination portal the bank said in a statement. “Given the highly competitive industry we serve, lenders must have technology that fits their needs not just today, but for many years to come,” said Trevor Gauthier, President and COO of Mortgage Cadence. “While some companies offer just one loan origination system (LOS), Mortgage Cadence is well positioned to meet the diverse needs of our customers, thanks to our two different LOS, Loan FulfillmentCenter and Enterprise Lending Center. LFC offers out-of-the-box functionality that a smaller administrative team can quickly personalize. It is the perfect fit for Home Bank.”

About Author: Radhika Ojha

Radhika Ojha is an independent writer and editor. A former Online Editor and currently a reporter for MReport, she is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her master’s degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.
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