Ellie Mae, a cloud-based platform provider for the mortgage finance industry, announced Encompass Data Connect, their newest digital mortgage solution in the Connection suite. This solution is designed to “help mortgage lenders make smarter decisions faster using real-time data.” The solution is currently limited in availability and will be available to all lenders in the second quarter of 2018.
The solution allows lenders real-time access to their standard and custom loan data fields, allowing them the opportunity to make timely, data-driven decisions in efforts to increase the velocity, efficiency, and effectiveness of their business operations, and realize any significant competitive advantage. Additionally, the Encompass Data Connect solution gives lenders secure access to their cloud-based, encrypted data at any time and from anywhere. This access allows full maximization of the existing reporting and business intelligence, as well as gaining actionable data insights faster to create innovative business opportunities and drive profitability.
Encompass Data Connect leverages Amazon Web Services and their proven cloud services expertise to reduce labor costs and simplify the process of data management. In addition to near real-time data access, this solution gives lenders a standard query interface for easier data access and provides high performance by decoupling data from the solution so that production systems are not impacted.
“Prior to the launch of Encompass Data Connect, lenders would spend significant time orchestrating data synchronization between their production system and their data warehouse. And without having the ability to bring all data elements together, from Encompass and other critical data sources, lenders didn’t have the full and complete information available in a single repository to better inform business decisions,” said Joe Tyrrell, EVP of Corporate Strategy. “With Encompass Data Connect, our lenders now have purview to all of their own data in near real-time, allowing them to subscribe to data change events occurring in their production system so their data strategies are informed by the most current information. With Encompass Data Connect they can improve efficiencies across their organization and be even better informed.”
The solution is fully connected to give lenders one system of record for loan data, providing an all-in-one solution for compliance, quality, and efficiency at every loan stage. Ellie Mae’s connect solutions are built on the Encompass NG Lending Platform, which utilizes API’s to help improve visibility and collaboration between loan officers, homebuyers, third-party organizers, and developers.