Encompass Mortgage Application – From initiating a loan to completing a loan application, the loan process can be confusing, especially without proper organization. Lending professionals know this well, which is why ICE Mortgage Technology created Encompass, a loan origination system (LOS) that can be integrated with CRM software like Shape’s Mortgage CRM to help organize the loan application process.
Loan System (LOS) is software used by loan officers to manage the steps of a mortgage loan transaction, from loan origination. Once origination is complete, a typical LOS also handles loan pricing, performance, eligibility, and document management. Generally, an LOS works step-by-step, guiding the lender and borrower through the entire loan process.
Encompass Mortgage Application
If you’re unfamiliar with the term, Customer Relationship Management (CRM) Software refers to a cloud-based management system that integrates all aspects of your business into an easy-to-use interface. Any member of your business can access customer data in real time, enabling seamless interactions between different departments within your company. CRM software can be downloaded from anywhere, so employees who work from home can use the software and still have access to customer data in the cloud. If you still have questions about CRM software, you can check out Shape CRM to see what CRM software can do.
Encompass Work Details
Encompass is a Loan Application System (LOS) from ICE Mortgage Technology designed to assist loan officers in the loan application process. By leveraging artificial intelligence and next-generation data security, Encompass gives lenders and borrowers a sense of security to make the lending process more efficient. Encompass also offers GSE integration, including Freddie Mac’s Loan Product Advisor and Fannie Mae’s Day 1 Nobility initiatives.
According to MBA, loan originations cost a lender an average of $8,000. This means that the loan process is losing money until the loan closes, and depending on the size of your customers, that amount may not be small. Encompass is designed with this in mind, speeding up the loan process to deliver faster ROI. To test this, MarketWise Advisors recently conducted an independent study of Encompass LOS and concluded that, on average, lenders using Encompass:
Overall, most of these benefits have resulted from the increased productivity that Encompass provides to users. In the words of Jordan Brown, CEO of MarketWise Advisors, LLC, “This study clearly shows that Encompass’s compliance capabilities, process automation, third-party service integration and single system interoperability significantly impacted original cost.”
Jonathan Corr, president and CEO of Ellie Mae, also praised Encompass, saying, “research participants realized a 697 percent annual return using technology to automate a complex mortgage process, or nearly seven dollars for every dollar invested. In most cases , is the difference between the lender’s profit and loss.”
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With the recent changes to the Universal Housing Loan Application (URLA), some people may be hesitant to spend money on Encompass. If Encompass struggles to adapt to changes in the lending industry, it comes from the fear that many of the benefits it can bring to your lending business will become irrelevant.
While the concern is valid, you can rest easy with Encompass because the ICE Mortgage Technology Support team is committed to staying ahead of the curve, including the new URLA. Encompass is fully compliant with the new URLA and ICE Mortgage Technology aims to continuously update its system to adapt to changes in the lending industry.
Speaking of compatibility, Encompass allows full integration with third-party CRM software, including Shape CRM. While LOS can improve loan management without CRM software, using the two together gives lenders more control over the loan process.
The biggest benefit of using these two services together is the bidirectionality of the pair. While some work better than others, Encompass is designed to integrate seamlessly with any CRM software, allowing you to automatically create loans from Shape to Encompass, move approved documents from Shape to Encompass, and automatically update Shape status for Encompass buttons. Find out how you can benefit
What Is Encompass Partner Connect?
Every time your business interacts with a lead, customer or business partner, a certain amount of data needs to be entered or updated in your system. Contact information, credit applications, credit status, business information or anything else related to these individuals must be properly documented. Without integrating your CRM software with Encompass, all of this data must be recorded separately in Encompass’s company management system. Not only does this take time out of your day, it can also lead to:
Any of these mistakes can cost you time and money, and CRM integration with Encompass is an easy way to fix this. The bi-directionality of CRM software and Encompass will benefit both your marketing and sales.
For any business, being good at generating and managing leads is the first step to closing deals. It should be obvious, but if you don’t provide quality assurance to your sales force, it can be difficult to sell your product or service. With Encompass’s CRM integration, your marketing team receives an instant notification when someone submits a loan application through the customer portal, including that person’s contact information for outreach purposes. A loan application is one of the best ways you can hope for in the loan business, so it is important to take advantage of these opportunities. CRM integration can automatically reach out to the donor at certain points in the application process via text or email, increasing the likelihood of conversion.
To learn more about how Encompass can be used with CRM integration, let’s take a look at the potential customer’s journey after applying for a loan.
Download A Fnm 3.2 Or Mismo 3.4 Version Of My Borrower’s Loan Application
If your sales team catches a lead and closes a deal, CRM software can help you onboard your new customer. Depending on your needs and the specific software you are using, this can be done through custom forms, offers or contracts. For payments, most CRM software supports invoices and also offers automatic payment reminders.
For lenders, CRM software often goes hand in hand with a loan origination system. Both improve your company’s overall business, but CRM software focuses on the scope of your company (communications, customer management, marketing), while LOS focuses on the actual service your company provides (loan processing). In general, CRM and LOS software complement each other and work best when paired together.
Encompass is designed to work with all types of CRM software, but some integrate better than others, such as Shape CRM. Unlike other CRM software, Shape CRM is designed with loan origination in mind, so it seamlessly integrates with LOS software, including Encompass. Therefore, lenders have more control over the loan origination process, saving your company time and money.
Compared to other CRM software, Shape CRM integrates much more smoothly with Encompass. For example, a newly completed application can instantly create a new loan file in Encompass with the click of a button or an automated trigger of a status change. Creating a loan file this way saves users time, eliminates double entries or data entry errors, and allows your marketing team to start their next drip campaign right away.
Encompass Connector For Salesforce
Shape CRM allows you to track Encompass milestones. In short, Shape CRM can be synchronized with loan status as Encompass provides updates to your team as the loan progresses, whenever certain milestones are reached. Shape CRM comes with several predefined milestones, including:
Shape CRM is highly customizable, so if you want to track a milestone that isn’t covered by default, Shape CRM will work with you to create it. If workflows are adjusted in Encompass.Consumer Connect Loan Officers TPO Connect CRM eClose Product & Pricing Service Investor Connect Data Connect Salesforce Connector Home Equity, Shape Software settings pages can also be adjusted over time.
Borrowers can easily complete an online mortgage application, instantly connect with their loan officer, securely upload documents and eSign, making loan processing faster and cheaper for the lender.
Encompass Consumer Connect provides a modern digital mortgage experience for the home buying process to close loans faster, improve borrower performance and ensure compliance. With Consumer Connect, you can create a unique web experience customized for your business, guide borrowers through the loan application process on any device, and provide real-time status updates.
Plus Platform Announces Encompass Integration With Ice Mortgage Technology Through Encompass Investor Connect
Drive abandoned applications and increase conversions by inviting and reminding the borrower to complete the application started in Consumer Connect.
Take advantage of a loan point-of-sale solution that seamlessly integrates with Encompass and simplifies everything from online applications to data collection.
Speed up the application process with credit reports and the ability to verify assets, employment and income online
Provides a true digital mortgage experience throughout your workflow. Our technology allows us to provide personalized service to mortgage professionals across the industry
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