To make data more accessible for lenders, Ellie Mae has made Encompass Data Connect available via a hosted delivery method.
Lenders can now gain access to Encompass data either through a hosted or replication method. The hosted model allows lenders to analyze data by connecting a business intelligence (BI) application directly to Data Connect without having to replicate the data to a local data warehouse, like in the replication method.
"Data is a lender's best friend. It allows for a better understanding of customers and members and the industry at large and provides key insights that lead to business innovation and a significant competitive advantage," said Ellie Mae Chief Operating Officer Joe Tyrrell. "However, many lenders today struggle with extracting, storing, and maintaining the currency of their data, which leads to high data maintenance and development costs, despite limited data visibility and availability. Data Connect in a hosted delivery model solves these problems."
Hosted delivery also provides pre-built reports and dashboards in the third-party BI applications, as well as automatic database schema updates synched in Encompass.
"Data Connect in a hosted delivery model leads to cost savings and an abundance of data-driven insights that can increase the efficiency, agility, and profitability of lenders' businesses," Tyrrell said.
"Without Data Connect to feed data to our operations and capital markets teammates, we wouldn't have been able to navigate the volume and volatile markets in March, April, and May," said Michele Buschman, vice president of information services at American Pacific Mortgage. "Without having access to that data, it could kill a lender's business, so having it at our fingertips is a huge win for us."