Ellie Mae has upgraded Encompass Consumer Connect that include identity, employment and income verification.

The enhancements feature an integration of Experian’s CrossCore platform, which enables lenders to use a multi-layered approach to establish identity and assess risk.

[caption id="attachment_8712" align="alignright" width="264"] Tyrrell: Partnership with Experian simplifies and speeds the verification process.[/caption]

These enhancements help lenders engage with homebuyers and provide a more streamline application process to help foster interest, engage borrowers and convert opportunities. Mortgage lenders can combine historical data, such as demographic information, and first-party fraud risk assessment with step-up authentication methods to verify an individual during the application process.

Upon submission of the loan application, the data is sent to the identity verification provider and a report is generated and sent to the Encompass eFolder within one hour of submission.

Since the launch in July 2018, Encompass Consumer Connect continues to add key functionality that can now support verification services that enable lenders to automate borrower identity, employment and income verification to achieve Day 1 Certainty from Fannie Mae in a bid to close loans faster.

In addition to providing a seamless digital experience for homebuyers, Encompass Consumer Connect helps lenders close loans faster. Since the launch of Encompass Consumer Connect, Ellie Mae has seen significant momentum including more than 500 clients with more than 2,000 unique sites and more than 140,000 applications in progress. Some lenders are seeing a three-day reduction in turn times from application to underwritten loan.

“At Experian, we are innovating to modernize the mortgage process and support the industry’s evolution,” said Michele Pearson, general manager of Experian Mortgage. In her view, Experian and Ellie Mae are working to optimize the power of data and analytics to authenticate prospective borrowers faster, with more accuracy and ensure organizations make smarter lending decisions.

Encompass Consumer Connect is designed to deliver a consumer web experience that goes beyond a mere online application. It’s an engaging digital-mortgage experience for homebuyers, accessible from any device.

“Lenders are looking for more efficient ways to engage homebuyers and with these updates to Encompass Consumer Connect, we’re making it easier for borrowers to complete their loan applications,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “Our recent enhancements to Encompass Consumer Connect offer identity, employment and income verification and an integration with Experian that simplifies and expedites key verification activities for an improved borrower experience.”