The new process makes use of Ellie Mae’s proprietary Encompass mortgage software, simplifying a previously tedious process for lenders who use the software solution. Currently, lenders have to download completed joint loan data and upload the data to a dedicated, secure Wells Fargo portal, but the new Ellie Mae/Wells Fargo process eliminates the need for the often-messy and convoluted download and upload process. Instead, the new tech allows data to be “seamlessly” transferred directly from Encompass to Wells Fargo, without compromising the accuracy and security of the data.
“At Ellie Mae, our mission is to provide our lenders with innovative solutions throughout the entire loan process,” said Ellie Mae executive vice president Joseph Tyrrell in a statement. “Through this new process, we will make it even easier for our joint customers to sell loans and deliver loan data directly to Wells Fargo, while helping to ensure the highest levels of compliance, quality and efficiency.”
According to the official press release from Ellie Mae, Encompass “enables banks, credit unions, and mortgage lenders to create and fund mortgages in one system of record” for all stages of the mortgage loan. The software has about 180,000 contracted users, including seven of America’s top 25 mortgage lenders.