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Lenders Using Encompass can Improve Closing Ratios with Automated Processing

Low interest rates over the past few months have ensured good loan volumes. If lenders want to benefit from these volumes, they should be able to convert these volumes to funded loans. Low closure ratios will only affect them adversely, as this will keep adding to their fixed costs.

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Lenders Using Encompass can Improve Closing Ratios with Automated Processing

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  1. Lenders Using Encompass can Improve Closing Ratios with Automated Processing Low interest rates over the past few months have ensured good loan volumes. If lenders want to benefit from these volumes, they should be able to convert these volumes to funded loans. Low closure ratios will only affect them adversely, as this will keep adding to their fixed costs. If you on-board a borrower loan for processing and take too much time to process their loan, in all probabilities, they are going to take an offer from your competition. While doing so, the poor experience that they had, while engaging with your lending firm, is also going to get around through word of mouth, denting your reputation. Also, while their loans are being processed, providing transparency and constant communication/notifications is an important factor, which helps improve the borrower experience. This transparency can also help your firm to analyze where the delays are happening and take appropriate corrective actions. What can lenders do to improve closure ratios and reduce time in loan processing?

  2. The key factors that lead to improving the closing ratios? Turnaround Time and Accuracy. Lenders are exploring ways to automate their processes and improve upon these areas to close loans faster within compliance guidelines. Visionet helps lenders in these three areas with their AI-ML powered loan processing solution VLR, which is also integrated with Ellie Mae’s Encompass® digital lending platform. VLR helps lenders close their loans faster and offer an improved borrower experience to its borrowers. This solution is approved and certified by Freedie Mac and Fannie Mae as an independent software partner. Let’s see how Turn-around Time VLR has an API based integration with Encompass that enables a smooth flow of information between both these platforms. It picks up the loan files from the e-folder in Encompass, extracts them, processes them, and puts them back in the Encompass LOS. All of this is automated and doesn’t require any human intervention. This entire process takes only about 15 minutes to complete as compared to hours. That way, VLR can process up to 20,000 pages/hour, faster than any other processing solution. Similarly, if the file has objections or needs further checking, the file is sent to the backend processing team, which verifies the files and processes them within a few hours. Visionet through VLR ensures that pre-underwriting review is well taken care of, and that is a big help to the underwriter in making decisions on the loan file, a lot faster while maintaining accuracy. Improved Compliance Visionet offers a pre-underwriting QC solution as a part of VLR. The solution is customizable and entirely configurable. VLR leverages this digital QC solution at the backend to ensure that Visionet is able to provide over 98% accuracy on every loan file. It works on the checklist and audit worksheets as approved by the client. These checklists are embedded in the platform to ensure uniform usage across the globe. It also provides powerful real-time dynamic reports with a view of trends and analytics to measure performance.

  3. This QC solution helps in identifying any errors, maintaining accuracy at all checkpoints, and ensuring 98% accuracy at all times. The solution is deployed during the pre-funding QC stage or the post-close QC stage at most lenders. Summary Visionet has over 20 years of experience in the mortgage processing domain, and its technology-rich solutions & platform make them an excellent choice for a service provider. Their unique combination and expertise in technology and processing sets them apart and helps lender clients improve profitability. Several of the lender clients, Visionet works with are very happy with how they have been able to accelerate their loan processing, retain borrowers, limit their costs in the origination, and increase their market share. To understand how Visionet can help you with its technology and processing capabilities, do write to us at mortgage@visionet.com

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