Mortgage tech firms Blend and Ellie Mae team up
Mortgage tech company Blend and mortgage finance platform provider Ellie Mae have joined forces, reports Julie Muhn at Finovate. 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.
Ellie Mae was founded in 1997. Its Encompass Consumer Connect 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.
Its Encompass Plus solution is integrated with Alexa, and can answer 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.
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.