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A sample company using Ellie Mae’s Encompass can realize an average of 57 percent ROI in less than three months, reduce costs per loan by $231 and avoid up to $75,000 in annual compliance costs – commissioned study by Forrester Consulting.
More than 90,000 mortgage professionals trust Encompass® to minimize origination costs and maximize retail, wholesale, correspondent lending performance. (Source – Ellimae.com).
These challenges are a result of macro-economic conditions but banks need to put in place systems and processes to manage what has become the “new normal” for the industry. Technology can be a great enabler in achieving growth by overcoming these challenges.
Many in the forefront are compelled to look for effective technology solution in Loan origination space and TakeFive Consulting has been one of the pioneers in Encompass360 Consulting to evaluate, select and implement one of the leading Loan origination systems – Encompass360.
Mortgage Banking Magazine reports that 78% of implementations are either late, over-budget or failed to meet expectations while 11% are cancelled or abandoned altogether. Origination systems are expensive, but the total cost isn’t just what you will pay the vendor. It’s also the 3x cost of the software that is tied up in the opportunity costs, internal employee costs, and the direct labor associated with implementing a new system.
As an experienced Encompass 360 Consultant, TakeFive offers 360° consulting for Encompass Business Analysis, Encompass360 Implementation and Encompass Administration.
Here is a comparison between Encompass360 and few other major players.
| Features | Encompass 360 | Empower | NetOxygen | Lending QB | Calyx Point |
|---|---|---|---|---|---|
| Vendor | Ellie Mae | Black Knight Financial Services | Wipro Gallagher Solutions | LendingQB | Calyx Software |
| Deployment | Cloud, SaaS, Web | ASP-hosted, Web | Cloud, SaaS, Web, Windows | Cloud, SaaS, Web | Cloud, SaaS, Web, Mobile |
| Regulatory Compliance | Loan compliance is easy with the use of Mavent. Mavent analyze loan data to determine compliance with more than 370 federal and state consumer protection laws | Empower supports compliance with Fannie Mae and Freddie Mac requirements for delivery of Closing Disclosure data | The integration with DocuTech, a provider of mortgage compliance services and documentation technology, enables lenders to easily generate compliant documents and disclosures from any web connection. | LendingQB has incorporated Compliance EAGLE, QuestSoft’s automated compliance solution, into its LOS platform to maintain compliance throughout all stages of the loan origination process. | QuestSoft, a provider of automated mortgage compliance software, has integated with Calyx Software for regulatory compliance with new HDMA rules |
| Automated Underwriting | Includes automated workflow for Desktop Underwriter, the industry's leading automated underwriting system | Includes a powerful, configurable rules engine that automates the underwriting credit-risk assessment process | Tie up with Veri-Tax , a leading national verification specialist for automated underwriting process | Integartion with PriceMyLoan allows to use the accuracy of the PML automated underwriting | Calyx Point includes Desktop Originator (DO) and Desktop Underwriter (DU) for Automated Underwriting. |
| Pricing Engine Options | EPPS, owned by Ice Mortgage Technology, is directly integrated within Encompass. Encompass also has integrations with Optimal Blue. | Integrates with Lender Price for product pricing & eligibility (PPE) solution complete with full mobile functionality and business intelligence | Integrates with Mortech’s Marksman pricing engine to compare real-time pricing quotes from multiple investors for any type of loan program | Integrated with ProLender for loan pricing engine options | Mortech\'s integration with Calyx LOS allows to access mortgage pricing engine directly from Calyx Point. |
| Channels | Retail, Wholesale, Correspondent, Broker | Retail, wholesale and consumer-direct | Retail, wholesale, correspondent, consumer, and consumer direct | Retail, Correspondent, Broker/Wholesale, Construction | Retail, Wholesale, Correspondent, Broker |
| Document Management | Paperless electronic document experience with Encompass Docs Solution, options for eSignatures and eInitials | Full workflow and dynamic data capture capabilities, data validation | Integrated with LoanStacker which recognizes over 400 Origination & Closing Documents. | LoanImporter for LendingQB gives the integration for the LoanStacker system into the LendingQB LOS. | Inbuilt integration for managing and storing documents easily at no additional cost. |
| Appraisal Delivery | Elli Mae’s integrates with Encompass Appraisal Center for direct user-to-AMC communication and other automated functions to speed the mortgage loan process. | Electronic Appraisal Delivery portal is possible with the integration with Global DMS, a leading provider of cloud-based valuation management software | Integration with Mercury Network enables NetOxygen customers to automatically order the appraisal and receive regular status updates on the order, inside their loan folder. | With Integration with Valuelink, LendingQB users will have the ability to seamlessly order, track, and receive final delivery of appraisals directly within the loan file | Calyx Point has inbuilt appraisal delivery system called Appraisal Firewall which is a secure, web-based real estate appraisal ordering solution |
| CRM | Encompass has integrations with Velocify and integrates with Jungo and Saleforce using a Connector | CRM Solutions are provided by integration with SalesEdge. | Uses in built technology for developing applications for customer relationship management; | CRM Solutions are provided by integration with Mortgage iQ CRM. | CRMNow, the maker of Mortgage iQ has tied up with Calyx Point for CRM solutions. |
| Account Verification | FormFree’s AccountChek enables Encompass users to verify a loan applicant’s deposits and assets in minutes. | Empower also uses FormFree’s AccountChek to verify a loan applicant’s asset and deposit information . | Net Oxygen partners with Veri-Tax LLC, a leading national verification specialist, to streamline verification solutions. | Credit Interlink integrates Income Verify with LendingQB for faster verifications | Calyx Point has integrated with VODAchek, the automated asset verification service |
| Closing | Inbuilt automation process for closing and funding. Encompass also integrations with Simplifile for eClose. | Includes a technology named Closing Insight to streamline the complex, multi-party closing process in support of TRID requirements | Net Oxygen Integrates with Mortech’s Marksman for optimizing loan closing process. | Simplifile has integrated its Collaboration and Post Closing services with LendingQB | Calyx Point has integrated with LodeStar which automates the closing disclsoure procedures |
Feature assistance:
If you need assistance with any of your encompass features, whether to integrate an existing technology or develop a new functionality or a custom application, TakeFive Consulting has experienced technologists with financial services exposure offering more than a few options ranging from IT Staffing and consulting to project outsourcing. We offer custom Encompass implementation and administration services
Utilities Development
TakeFive Consulting, with its deep financial services experiences, has developed custom Encompass360 utilities that enhance the existing loan origination in terms of workflow and compliance capabilities. Please contact us to have your business process analyzed and develop custom utilities or integrate already existing.
Plugins Management
Each business process is unique; plugins become a way of connecting business processes to fulfill requirements from different departments and business units. TakeFive consulting develops custom and integrate third part plugins for a seamless Encompass360 environment.
Forms management
TakeFive Consulting offers custom input forms such as Closing, Origination, Processing, Underwriting, Compliance etc., to streamline operations and processes within the Encompass360 platform. Accommodating new complex and numerous regulations easily and flawlessly into the system would increase your opportunity to succeed and we aim to work with you.
For more information regarding Encompass administration services, plugin development or custom input form creation: