Ellie Mae Sees Drop In Time To Close Construction Loans

Ellie Mae ® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today that it has seen significant decrease in the time to close Construction-to-Permanent loans since the February 2017 launch of its comprehensive construction lending support within its Encompass all-in-one mortgage management solution. Additionally, Ellie Mae has seen an increase in construction loan volume for both Construction-only and Construction-to-Permanent loans for construction lending clients since February.

Ellie Mae expanded its construction lending support, including a comprehensive way to process Construction-only and Construction-to-Permanent loans within Encompass. This expanded support included:
  • Construction Management Tool: The Construction Management Tool provides a central location within Encompass to originate construction loans and input key construction tracking information, making the construction lending process more efficient and consistent with the standard loan origination process.
  • Blended and Separate KBYO Disclosures: Support for both methods of generating Construction-to-Permanent loan disclosures allowed by KBYO, a single blended disclosure, and two separate disclosures detailing Construction and Permanent loan terms, provides flexibility to lenders.
  • Federal and State Compliance Reviews: Federal and state consumer protection compliance reviews for Construction-only and Construction-to-Permanent loans with either separate or blended disclosures through the Encompass Compliance Service™, powered by Mavent®.
  • Closing Documents: Closing documents, including all 50-state eligible documents for both Construction-only and Construction-to-Permanent loans.

"We have experienced significant growth in Construction-only and Construction-to-Permanent loans since our enhancement release, while time to close Construction-to-Permanent loans shrank from 54 to 49 days on average," said Jonathan Corr, President and CEO of Ellie Mae. "With our latest version of Encompass, our support for construction loans enable our banks, credit unions and mortgage lenders to close loans faster, improving efficiency while ensuring compliance and loan quality."

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