Ways for Lenders using Encompass® to Boost Closing Ratio and Profitability

By March 18, 2020
Ways for Lenders using Encompass® to Boost Closing Ratio and Profitability

We recently published an eBook ‘Ways for Lenders using Encompass to boost Closing Ratio and Profitability’. We publish some excerpts from the eBook here. If you want to access the full content, please feel free to download the eBook directly here

The eBook talks about the opportunity that has unfolded for lenders, with low-interest rates over the past few months. While this has ensured good loan volumes, lenders need to be able to capitalize on these volumes to gain market share and improve profitability.  The efficiency with which a lender can convert loan applications to funded loans (closing ratio) goes a long way in gaining market share. Lenders who are unable to make their operations more agile will continue to add to their fixed costs and lose out to competitors.

Closing ratio, an important metric

We all know that closing ratio is an important metric and its improvement can directly impact profitability. The Visionet team engaged with a few mortgage industry experts and distilled 5 key action areas that will get us maximum results. We are sure that you will find these ideas relevant for your business and will plan clear action steps on several of these ideas.

Actionable ideas for you

The ideas discussed include different initiatives that you can drive in terms of tech and processes to automate loan-set-up. It talks about using solutions that are Ellie Mae® approved and ride on the API integration with the Encompass platform to automate the entire loan set-up process.

Artificial Intelligence (AI)/Machine Learning (ML) based technologies can be used to process large number of documents, accurately.  Instead of trying to build these systems themselves, lenders can use ready solutions and deploy them quickly across their operations to gain immediate benefits.

The eBook also talks about how you can streamline and make your underwriter’s job easier. Pre-underwriting reviews and automated QC procedures can play a significant part in doing this.

Irrespective of which vendor partner you work with, you always must ensure compliance. The eBook talks about creating modular customizable checklists that can be implemented across the entire loan portfolios.

The eBook also talks through the benefits of workflow automation in improving the efficiency of operations.

VLR for automating loan set-up and processing

Lenders using Encompass have this unique opportunity to leverage AI & ML-based technology solutions like VLR for automating loan set-up and processing. The Encompass users can realize scalability, cost reduction, quality improvement, and can do so without significant capital commitment. VLR is already integrated with Encompass and provides a seamless experience in a secure environment.

VLR can help you process a large volume of loan documents with a high degree of accuracy and precision. It can deliver this level of accuracy because of its vast library of more than 600 mortgage document types and over 8000 pre-configured business rules. VLR is ideal for any document-intensive workflow within the lending lifecycle, including loan setup, loan boarding, pre- and post-closing operations and audits.

Encompass users can now enjoy the benefits of faster loan disbursals, shorter lead times and over 30% reduced document processing costs. Find out more – Download the eBook directly here

Shamit Vohra

Shamit Vohra

Shamit is a vibrant and highly accomplished professional with rich experience of more than 10 years in Sales, Business Development, Service Delivery, and Operations Management, Project Management, Transition, and Process Re-Engineering in the BPO / ITES sector. He has a thorough understanding of business environments and evolving business needs, change management, the capability to work with large and diverse skill-sets.