Previously, LenderFi relied on six separate software platforms for loan pricing, document imaging, ordering title and other required functions in order to complete every loan.
Due to the stress this put on the company's staff, LenderFi chose Encompass to combine loan pricing, automated underwriting, document imaging, secondary marketing tools, loan quality checks and e-document delivery into a single, comprehensive platform.
LenderFi says it implemented Encompass this past April in less than 60 days.
Ryan Scholer, founder and CEO of LenderFi, says, ‘With Ellie Mae's Encompass, we were able to move almost everything onto a single system. And because it is a rules-based solution, Encompass allowed us to create a process road map that's very easy to use. Our staff is no longer constantly jumping back and forth from one system to another, trying how to be expert at each one.’
Scholar says Encompass also enables LenderFi to automatically check loans for compliance with lending requirements in 45 different states and to continually monitor loan quality. ‘Before, we were manually entering data all the time, which can lead to human error, inefficiency and lost money. Encompass has eliminated all that,’ he says.