Securityplus Federal Credit Union Increases Monthly Loan Volume by 25% and Reduces Time to Close by 16 Days with Ellie Mae's Encompass LO Connect
Mobile solution offers LOs secure, real-time access to Encompass for faster response times, greater productivity and a competitive edge
PLEASANTON, Calif. – Oct. 28, 2019 – Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that Securityplus Federal Credit Union (FCU) has increased loan volume by 25% and reduced their time to close loans by 16 days with their implementation of Encompass LO Connect™, the mobile solution for LOs on the go.
Securityplus FCU, headquartered in Baltimore, Md., was looking to increase loan volume despite the highly competitive market, by enabling loan officers to originate loans and manage pipelines from anywhere.
“I looked at how our loan officers were spending their day, and how much of their time was spent on activities that didn’t make money,” said Tony Taranto, Lending Manager, Securityplus FCU. “To take an application, move a loan forward or even answer a borrower’s question, they had to be at their desks when they needed to be out generating business.”
LO Connect enables loan officers to originate from anywhere, increasing productivity, efficiency and customer service while ensuring compliance throughout the loan lifecycle. The solution features the highest level of data access with built-in security and is configurable to unique loan officer needs.
Securityplus FCU rolled out LO Connect to their loan officers and within three months, they began to see a significant lift to their business across a number of areas including:
- 3-4 hours saved per loan officer per application
- 6-8 hours saved in overall production time per loan
- Increased volumes by 2-3 units per loan officer per month
- Reduced time to close from 30 to 14 days
- Increased loan officer’s revenue-generating activities by 50% overall, and out-of-office activities like open houses, realtor visits and relationship building by 30%
“Encompass is certainly the most robust loan officer enablement solution that I’ve seen on that market. As an extension of Encompass, LO Connect gives our loan officers all of the automation inherent in Encompass, but with a streamlined design that’s tailored specifically to their workflow,” said Taranto. “At any time, our LOs have full visibility into their pipeline including what loans need to be worked on and what processors or underwriters need to move the loan forward. It has boosted our productivity and is ultimately transforming our business.”
In the last six months, Ellie Mae has experienced a 29% increase in the number of lenders leveraging LO Connect and the number of users has increased by 66%. Ellie Mae recently announced new functionality for LO Connect to:
- Price loans and lock in pricing with Encompass Product & Pricing Service or Optimal Blue
- Experience seamless automated underwriting with Fannie Mae’s Desktop Underwriter® or Freddie Mac’s Loan Product Advisor(sm)
- Request eConsent and eSign for loan documents
- Send eligibility letters to borrowers
“In today’s competitive market, a loan officer’s ability to complete key tasks while on the go gives them time to build relationships while increasing efficiency,” said Joe Tyrrell, Chief Operating Officer, Ellie Mae. “With LO Connect, Securityplus FCU is improving loan officer transparency while giving them the tools to keep loans moving forward, whenever and wherever it is convenient for them.”
For more information about LO Connect, visit https://www.elliemae.com/encompass/encompass-lo-connect
About Ellie Mae
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
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