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Demand for Electronic Documents Still Rising

New York-As lenders look to cut costs, origination vendor Ellie Mae expects lenders to be buzzing about electronic document management at this year's show.

"We continue to see record growth around EDM," said Ellie Mae chief strategy officer Jonathan Corr. "It's about efficiency, and better customer service because you have to move quickly. There are also transparency and compliance implications. People are also more conscious of going green.

"Further, there's increased momentum around embracing the Software as a Service model. That's where the growth is coming from. People are looking at ways to be more efficient. There are a lot less fish in the sea and those surviving are not investing willy-nilly, but they are investing because they think they'll be survivors. If you look at the surveys, companies that invest in a down market reap a lot when the market turns."

To enable more opportunities for efficiency to happen from within the core LOS, Ellie Mae recently partnered with First American Title Insurance Co., a subsidiary of The First American Corp., to offer automated account set up and ordering of First American's title insurance and escrow services through Ellie Mae's Encompass Mortgage Management Solution.

With this enhanced functionality, Encompass users can now immediately receive account credentials online - a process that previously took up to two days - and expedite title and escrow service orders, the company said. Within a single order request, users may select their preferred title office, request a specific closing agent, pay-off information and verifications of homeowner's insurance and homeowner's association dues.

Similarly, Ellie Mae also recently partnered with First American CoreLogic to provide a solution that allows appraisers to retrieve the appraisal order and the property data required to begin the appraisal process. Ellie Mae's Encompass Appraisal Center is a free online service that enables appraisers to receive electronic appraisal orders from loan originators using the Encompass Mortgage Management Solution.

"We look at ourselves as a technology partner. We're not just a technology provider," said Mr. Corr. "Our partnerships are geared to take friction out of the process for all mortgage participants."

The implications of recent news like the GSE government seizure will likely dominate the MBA, according to Mr. Corr. "At this year's MBA there will be massive talk at the show about Fannie and Freddie. We all want to know what the operational model for the GSEs will be over the next 12 months.

"People will also want to know about how appraisals will change. There will also be talk of HUD and RESPA. There could be a lot of conversations about the political climate. Who's going to win? How does that impact the market? Are we done with these massive implosions? How is the government's position going to play out?

"Even if we get liquidity under control and Fannie and Freddie stabilize that doesn't help the folks in foreclosure," added Mr. Corr. "Until we get that controlled we won't have a housing recovery at all."

The location of the show may also contribute to lower attendance, continued Mr. Corr. "This is far on the West Coast, people are having a hard time and they're controlling cost. There will be some lenders there interested in technology for sure though. People will be looking for answers. Folks will be looking for consensus as to where things are going in the market for sure.

"Nonetheless, the consistent message coming from us is that there is a place for a good LOS in this market. Our efforts to service both brokers and bankers have been successful. We've seen momentum from community banks and credit unions. Folks that believe that they're going to be around are looking at technology. They're asking if their technology will give them the efficiency they need. They need to get full visibility from a business standpoint and a quality standpoint. Lenders also need to tap FHA. We're seeing folks on legacy systems, which have not responded to the market, looking to switch."

New York-As lenders look to cut costs, origination vendor Ellie Mae expects lenders to be buzzing about electronic document management at this year's show.

"We continue to see record growth around EDM," said Ellie Mae chief strategy officer Jonathan Corr. "It's about efficiency, and better customer service because you have to move quickly. There are also transparency and compliance implications. People are also more conscious of going green.

"Further, there's increased momentum around embracing the Software as a Service model. That's where the growth is coming from. People are looking at ways to be more efficient. There are a lot less fish in the sea and those surviving are not investing willy-nilly, but they are investing because they think they'll be survivors. If you look at the surveys, companies that invest in a down market reap a lot when the market turns."

To enable more opportunities for efficiency to happen from within the core LOS, Ellie Mae recently partnered with First American Title Insurance Co., a subsidiary of The First American Corp., to offer automated account set up and ordering of First American's title insurance and escrow services through Ellie Mae's Encompass Mortgage Management Solution.

With this enhanced functionality, Encompass users can now immediately receive account credentials online - a process that previously took up to two days - and expedite title and escrow service orders, the company said. Within a single order request, users may select their preferred title office, request a specific closing agent, pay-off information and verifications of homeowner's insurance and homeowner's association dues.

Similarly, Ellie Mae also recently partnered with First American CoreLogic to provide a solution that allows appraisers to retrieve the appraisal order and the property data required to begin the appraisal process. Ellie Mae's Encompass Appraisal Center is a free online service that enables appraisers to receive electronic appraisal orders from loan originators using the Encompass Mortgage Management Solution.

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