PHH Mortgage Corp. is looking to increase the amount of business it does in its correspondent channel and a partnership with a technology provider has allowed the company to extend its reach without adding a massive account executive sales force.
Mike Dirrane, executive vice president of sales at PHH, said that there are only a handful of lenders in origination technology provider Ellie Mae's Encompass360 Select program, which allows the company to target the high quality originator it seeks to do business with.
The technology allows the lender to accomplish this in a targeted, cost-effective way, according to Jonathan Corr, chief strategy officer at Ellie Mae.
He called it a "virtual account exec, inviting in the loans that meet the criteria of PHH in a much more cost-effective way." It allows PHH to be proactive and reach out to approved customers on a loan-by-loan basis and telling them what type of business the company wants at a particular moment in time.
Dirrane echoed those words, saying it provides a "cost-effective mode of acquisition different than the traditional AE sales force in the marketplace." PHH gives Ellie Mae "a strike zone" of the originators it wants to do business with, he said.
PHH's goal for its correspondent business is $15.3 billion in volume, or 26% of total production, Dirrane added.
Corr said that Encompass360 Select program had been in beta since the start of the year, but it has not been able to identify all participants publicly. Lenders are looking to acquire volume in a cost-efficient way while originators want more efficient interaction with strategic partners, he said.
