Ellie Mae tackling HELOCs with latest Encompass update

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Ellie Mae is tackling home equity lines of credit loans with its latest Encompass Digital Mortgage Solution update as signs point to a surge in home equity borrowing.

The new Encompass 18.4 release includes the first phase of HELOC support for the platform, which aims to streamline the application and underwriting of the loan type. The tool will assist with unique investor requirements for both initial and qualifying HELOC payment calculations, with a set of configuration options for both, according to the company.

This comes at a time when the industry is poised to see growth in home equity borrowing as household home equity jumped by more than $1 trillion from its precrisis peak in the first quarter of 2006, and when about 70 million homeowners likely qualify for a home equity product, according to a TransUnion study.

Also in Ellie's Encompass update is enhanced support for data management and mortgage insurance.

The Encompass Dynamic Data Management is a "scenarios-based rule engine" designed to automate data entry across any form used during the origination process, which moves Ellie closer to its vision of "automating everything automatable in the mortgage industry," according to the company.

Improved integrations with Arch MI, MGIC and Radian support a more efficient mortgage insurance ordering process, giving customers automated ordering, side-by-side rate quote comparisons, and an automated allocation model, according to Ellie Mae. The tool also supports quicker processing times, increased order history visibility and provides user alerts for when to reorder rate quotes or MI certificates.

"With this new release we're offering innovation, enhancements and support so our lenders can grow their businesses with HELOCs, operate more efficiently using Encompass Dynamic Data Management, provide a more streamlined mortgage process with centralized service ordering, and achieve complete compliance," Ellie President and CEO Jonathan Corr said in a press release.

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HELOCs LOS Data and information management Mortgage technology Automation PMI Ellie Mae Transunion