Ellie Mae rebrands to reflect open platform, fully digital mortgages

Following the addition of several new fintech solutions to its digital capabilities, Ellie Mae is renaming its Encompass mortgage lending system, Ellie Mae Digital Lending Platform and the Capsilon by Ellie Mae portal as Ellie Mae AIQ, effective immediately.

The new branding aims “to more accurately reflect the openness and flexibility of Ellie Mae’s platform.” It makes clear to the industry “that we’re providing an open platform with capabilities to manage every stage of the mortgage lifecycle, from point of interest to origination to resale on the secondary market, regardless of what POS or LOS a lender may use,” said Jonathan Corr, president and CEO of Ellie Mae in a company release.

The Ellie Mae Digital Lending Platform is core to the $11 trillion home mortgage ecosystem, he added, but it also provides clear separation between Elle Mae’s Loan Origination Software (LOS), Encompass and the “robust platform that serves the entire industry.”

The Ellie Mae Digital Lending Platform provides an open venue where retail lenders, wholesale lenders and correspondent investors can engage with each other, services, technology providers, developers and all the other participants in the residential mortgage supply chain.

Lenders of any size and investors can drive more business, originate, sell and purchase loans more cost-effectively and improve customer experience. The platform gives lenders and correspondent investors the choice to use it as their primary LOS, or select individual components, such as AllRegs, Velocify, Mavent or Ellie Mae’s newest offering AIQ.

Platform users can engage and acquire prospective homebuyers or members; Originate and close loans; Fund loans more efficiently so they can be sold faster; Purchase loans so investors can boost loan acquisition and correspondent business revenue.

Ellie Mae AIQ is part of the Ellie Mae Digital Lending Platform. AIQ is an omni-channel that leverages AI and ML to automate loan processing for lenders, investors and servicers. AIQ users can “manufacture, acquire and service loans up to 80% faster,” said Joe Tyrrell, chief operating officer, Ellie Mae.

Ellie Mae acquired Capsilon in October 2019, to automate document recognition, data extraction and validation, enable data sharing across the ecosystem through artificial intelligence (AI) and machine learning (ML) capabilities.

Angel Oak expands Texas footprint with new El Paso branch

Retail mortgage lender, Angel Oak Home Loans has opened its fourth Texas branch, located in the city of El Paso, “the nation’s most affordable housing market,” the company said.

Branch Manager Jason Trujillo will lead the new branch operations.

The new office is part of a wider effort to expand Angel Oak’s mortgage lending footprint in key diverse markets across the country where housing affordability can fuel potential buyer demand. 

Angel Oak aims to offer products, services and forward-thinking technology “that are inclusive and accessible to all potential homebuyers,” said Brian McCary, Regional Sales Manager for Texas.

While housing affordability continues to be a challenge across the country, up to 89% of homes for sale in El Paso in 2019 were affordable to the national median income earner, McCary said, quoting HousingWire.

Trujillo plans to introduce Angel Oak’s new product options, available through the MyHomeLoan Mortgage App, and open access to a team of licensed mortgage advisors who provide start-to-finish loan origination support.

“El Paso is a very attractive area for those looking to own a home,” he said.

On Tap Credit Union offers early access to stimulus check funds, other relief

On Tap Credit Union has launched several COVID-19 financial hardship products for member-owners including immediate access to expected federal checks, mortgage assistance and free financial counseling.

The Golden, Colo., based, $317 million asset bank urged current members affected by the COVID-19 pandemic or cannot wait until May for their stimulus checks, to apply for help. The emergency relief loan program provided by On Tap providesaccess to one month’s pay with no collateral and zero interest for up to five months.

Established more than 60 years ago as Coors Credit Union, On Tap has more than 20,000 members also are owners of the organization.

The relief package currently available to members also provides mortgage payment assistance, home equity, auto, credit card and personal loan deferment, and flexible personal loans “at the lowest rates possible.”

COVID-19 services include increased debit and credit card limits; waivers on insufficient fund fees, early withdrawal penalties on certificates, and phone payments. Debt restructuring and free financial counseling is also available upon request.

On Tap also is offering $25 gift cards purchased from local businesses in Golden and Arvada, Colorado.The member appreciation sweepstakes gift card is offered to residents of Colorado who enter the raffle on May 9, 2020 between noon and 3:00 pm.

Despite the current economic uncertainty, member deposits at On Tap are federally insured by the National Credit Union Administration up to $250,000 per member, along with Individual Retirement Accounts (IRAs), which also are federally insured up to an additional $250,000. 

“We will continue to monitor all situations daily,” said On Tap Credit Union President and CEO Tracie Wilcox. “Now is the time for us to pay it forward… Credit unions were founded by an innate need to support one another without being denied a loan.”

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