The Money Source taps Ellie Mae to digitize correspondent loan
The Money Source is the latest mortgage company to partner with Ellie Mae to streamline workflows between lenders and correspondent investors through Encompass Investor Connect.
The integration of Ellie’s technology with The Money Source’s proprietary lending platform, KISS, will provide correspondent lenders with digital delivery and acceptance capabilities for loan data and documents.
Ellie previously announced Investor Connect integrations with Caliber Home Loans, Flagstar Bank, Pacific Union Financial and Wells Fargo, when the software launched in May.
System-to-system integration means lenders can avoid downloading loan files, saving them and then uploading them to their systems by allowing document and data acceptance with a single click. The move also reduces risk and improves data security through Investor Connect’s document recognition and data extraction technologies, according to TMS.
By automating the delivery of traditional loan packages, the software helps speed up processes, improving the borrower experience.
“We are thrilled to be one of the first correspondent investors to work with Ellie Mae to roll out this new level of automation to our lenders,” said TMS Chairman Ali Vafai. “As a fintech frontrunner, we are always looking for key partnerships that can make the mortgage process easier for our lenders, customers and borrowers.”
Investor Connect builds on Ellie Mae’s previous efforts to improve data integrity and efficiency between lenders and correspondent investors. For example, his Total Quality Lending Program makes it easier for investors to obtain borrower verification data generated during the origination process.
“Ellie Mae continues to automate everything from origination to purchase to help originators and buyers get a true digital mortgage,” said Parvesh Sahi, senior vice president of business development at Ellie Mae, in a statement. Press release.
“Adding TMS to Investor Connect will help both lenders and buyers reduce costs and increase efficiency. This ultimately benefits everyone involved, including borrowers, lenders and buyers, who manufacture loans with the Encompass lending platform,” he continued.