Ellie Mae has expanded its Encompass platform with additional automation capabilities for home equity line of credit (HELOC) lending, the company announced.
Ellie Mae said Encompass’ additional automation will help lenders acquire HELOC customers 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,” Ellie Mae Chief Operating Officer Joe Tyrrell said in a release.
“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,” Tyrrell said.
Encompass’ expanded functionality includes the ability to generate historical examples that are provided as part of the Important Terms Disclosure; significant capability for customers to configure their HELOC offerings and calculations; and major enhancements for customers to configure language within the HELOC agreement and Important Terms Disclosure, the company said.