The Rise in Home Equity
The current real estate market in the United States has experienced significant growth, with home values soaring by over 32% year over year, presenting a lucrative opportunity for lenders and investors. The total open equity across the U.S. stands at an impressive $28 trillion, with an average equity gain of $63,000 per borrower. Collectively, there has been a staggering $3.8 trillion in equity gains since Q4 2021, as reported by CoreLogic. This surge in home equity emphasizes the importance of having the right technology in place to efficiently cater to the escalating demand for home equity lending.
The Solution with Ellie Mae Encompass
Ellie Mae Encompass, offered by ICE Mortgage Technology, is a comprehensive solution that empowers lenders to seamlessly originate, process, and close more home equity loans in a shorter timeframe. By consolidating home equity lending within a single system of record, Encompass enables lenders to expedite loan closures, enhance borrower satisfaction, and foster lasting customer relationships. The platform streamlines the end-to-end process of home equity lending, allowing businesses to operate more efficiently and effectively in the ever-evolving real estate landscape.
Unified Workflow for Home Equity Lending
Encompass delivers an integrated workflow that caters to every stage of the home equity lending process. From engaging borrowers and driving loan applications to seamlessly originating and closing loans, Encompass ensures a swift and compliant journey. The platform offers configurability to tailor home equity products to the specific needs of borrowers while providing robust reporting tools and compliance mechanisms. With Encompass, lenders can manage the flow of borrower loans with agility, confidence, and ease.
Enhancing ROI in Home Equity Lending
Ellie Mae Encompass equips lenders with the tools to target the right audience for home equity lending, enabling loan officers to deliver unparalleled borrower experiences. By syncing customer details from Encompass or Salesforce into marketing and sales automation tools, lenders can personalize their approach and optimize conversions. Encompass further facilitates the submission of home equity applications through Consumer Connect, enhancing borrower accessibility and engagement. This strategic approach helps boost ROI in home equity lending by efficiently managing and nurturing potential leads.
Expert Endorsement and Resources
Industry experts like the President and CEO of the Mortgage Bankers Association recognize the importance of home equity lines of credit in today's market, emphasizing the value of having robust lending solutions like Encompass. Additionally, resources like datasheets, blogs, and educational courses provided by ICE Mortgage Technology offer valuable insights and guidance for leveraging Encompass effectively. These resources aim to keep lenders informed, empowered, and equipped to navigate the dynamic landscape of home equity lending.