Ellie Mae has long tied its fortunes to its clients' success with a pricing model that charges lenders based on the number of loans that close each month. Now it's found a way to monetize the applications that flow through its origination software but don't get funded.

Ellie Mae's new Encompass Consumer Direct technology will create a new revenue stream for the mortgage technology developer by providing a borrower self-service portal that connects to its flagship loan origination system. Lenders that integrate the technology with their websites will pay a monthly subscription fee to accept a base allotment of loan applications and a per-file fee for any overages, regardless of whether an application actually results in a funded mortgage.

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