Mortgage industry conferences offer a vast variety of atmosphere’s and this year, Ellie Mae’s conference was like a “victory lap,” HousingWire said.
The setting of the conference, featuring a bright and exuberant at the Wynn in Las Vegas, provides an appropriate backdrop for the upbeat attitude of the conference.
Of the 3,000 mortgage lenders in attendance at the conference, some are current customers and others are prospects looking for the confirmation they need to jump in the deep end of mortgage automation technology.
Different panels at the conference cover topics ranging from regulatory updates and marketing strategies, to smaller topics like in-the-weeds sessions on Encompass-specific functionalities.
This year, the software company reported $96.2 million in revenue for 2016, which is a 42 percent increase from revenue in 2015. Ellie Mae experienced a 21 percent growth in Encompass users and a 70 percent growth in net income for the year.
However, Ellie Mae’s growth comes as a result of some serious challenges faced in the mortgage industry.
One conference session, on the latest regulatory changes to the new TRID rule, required overflow seating. The panel, which consisted of compliance experts, walked lenders through the specifics of the proposed rule that still contains contradictory requirements. Ultimately, compliance has a very big effect on lenders’ bottom line. Attendees were mainly focused on how Encompass can ensure they meet regulatory standards without sacrificing their productivity.
The focus of that desire to find efficiency in the origination process is quite the sweet spot for Ellie Mae. The software company’s long-term mission since 1997 has been to automate the mortgage process. However, at that time, no one was worried about a regulatory quagmire.
The company has also demonstrated its ability to successfully succession plan. Ellie Mae transitioned from the founding CEO, Sig Anderman, to new CEO Jonathan Corr in February 2015.
The software company continues to improve their systems to make the origination process easier. Ellie Mae also announced enhanced integrations with Arch MI, MGIC and Radian to continue to streamline the mortgage insurance ordering process.
Integrations also made to Ellie Mae’s Total Quality Loan program provide users with process improvements, automated ordering and access to data and alerts. The new enhancements, which will be available this year include: the ability for users to process multiple rate quotes simultaneously, automated ordering for rate quote or MI certificate and the ability to monitor key data changes and alert Encompass users when to re-order a rate quote or MI certificate.