The Ellie Mae Innovation Awards, previously known as the Ellie Mae Hall of Fame Awards, recognizes the best and brightest companies in the mortgage industry who are using Ellie Mae’s Encompass™ Digital Lending Platform and solutions to originate more loans, lower origination costs and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency.
This year's winner for the category of AI Innovation goes to our client Wyndham Capital Mortgage. Congratulations to the Wyndham team for this achievement!
Wyndham has been in business for over 17 years, lending over $18 billion to more than 60,000 U.S. customers. In 2018, they approached HPA with a clear goal to improve their borrower experience by streamlining their mortgage operations. The nature of loan origination creates operational friction, which increases per-loan costs and lengthens the process for the borrower. Additionally, the seasonality of loan volumes make it difficult to normalize resource requirements. Wyndham knew they needed to remove manual intervention in their mortgage approval processes as much as possible, and to do so at scale.
As the first areas of focus, the team identified four processes as bottlenecks to streamline loan processing. These complex, multi-system processes required several dedicated employees, slowed the cycle time, and significantly raised overall processing costs.
Our initial engagement focused on:
- Loan Setup
- Initial and Closing Disclosures
- Loan Service Initial Review
- Lock Desk
Today, we have automated roughly 85% of their loan origination processes, allowing Wyndham to turn loans in a fraction of the time, regardless of volume, while also reducing overhead costs significantly. As a result of automation, their average loan closing time has been reduced by 20 days and their costs are 33% below industry average.
HPA is partnered with Ellie Mae® to support their mission to accelerate lenders’ operational productivity and innovation, reduce lenders’ security and risk management, and streamline overall user experience to achieve a true digital mortgage.