Mortgagetech company Blend and mortgage finance platform provider Ellie Mae have joined forces this week, as reported by American Banker. Through the partnership, Blend is leveraging Ellie Mae’s electronic disclosure delivery, a part of the company’s Encompass mortgage solution.
The integration will augment Blend’s self-service mortgage platform by offering a more seamless user experience. Lenders who use Ellie Mae’s Encompass loan origination solution can create and deliver electronic disclosures through Ellie Mae’s document preparation software. The electronic delivery will not only facilitate the e-signature process, it will also enhance compliance by leaving an audit trail.
Ellie Mae’s Encompass mortgage solution helps lenders originate more loans with lower origination costs and a faster time to close. Using the full Encompass solution, Ellie Mae helps lenders save an average of $967 per loan in operational improvements, such as saving time and postage from having to deliver disclosures via snail mail. Blend estimates its integration of Ellie Mae’s electronic disclosure delivery will save an average of $15 per loan.
Earlier this spring, Pacific Union Financial partnered with Ellie Mae to leverage the full Encompass mortgage management solution, enabling customers of both Pacific Union and Ellie Mae to deliver loan data and documents from Encompass to Pacific Union more efficiently and in real time.
Founded in 1997, Ellie Mae demonstrated Encompass Consumer Connect at FinovateSpring 2017. The online lead generation tool turns consumer interest into a mortgage application by letting the borrower complete an application, provide and receive information, and order services from a single platform. During the demo, presenter Jonas Moe, SVP of Market Strategy, demonstrated the company’s API by showing off an Alexa integration with Encompass Plus– asking questions such as, “What loans have rate lock expirations this week?” and “Search for a better rate.” Ellie Mae is headquartered in California. Jonathan Corr is president and CEO.
Blend demoed its data-driven mortgage at FinovateSpring 2016. The company was recently recognized for its achievements in the mortgage industry at the MBA Insights Tech All-Star Awards and was also featured on the Forbes Fintech 50 list. Last summer, Blend pulled in a $100 Series D investment from Greylock, Emergence Capital, Lightspeed Ventures, Nyca Partners, and 8VC, bringing its total capital to more than $160 million.