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Ellie Mae Enhances HELOC Functionality

digital lendingEllie Mae [1], the Pleasanton, California-based cloud-based platform provider for the mortgage finance industry enhanced its Encompass Digital Lending Platform to offer expanded functionality with additional automation capabilities for greater efficiencies in home equity line of credit (HELOC) lending.

Ellie Mae said that the new capability will help lenders acquire HELOCcustomers and originate and sell HELOCs with greater efficiency at a higher return on investment in a single platform.

“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, CEO, 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.”

The latest 19.3 major release of Encompass provides expanded HELOC functionality which adds the ability to pre-configure 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:

The latest release is a culmination of several previous releases which have added HELOC enhancements across the Digital Lending Platform. The end-to-end HELOC experience includes: