The Money Source taps Ellie Mae to digitize correspondent lending

Mortgage

The Money Source is the latest mortgage company partnering 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 digital delivery and acceptance capabilities for loan data and documents.

Ellie Mae

Ellie previously announced Investor Connect integrations with Caliber Home Loans, Flagstar Bank, Pacific Union Financial and Wells Fargo, when it launched the software back in May.

The system-to-system integration means lenders can avoid downloading loan files, saving them and then uploading them to their systems by allowing documents and data to be accepted with the click of a button. The move also reduces risk and improves data security through Investor Connect’s document recognition and data-extraction technologies, according to TMS.

By automating traditional loan package delivery, the software helps speed up processes, ultimately improving the borrower experience.

“We’re excited to be one of the initial correspondent investors to work with Ellie Mae to roll out this new level of automation to our lenders,” said TMS President Ali Vafai. “As a first mover in the fintech space, we’re always looking for key partnerships that can make the mortgage process easier for our lenders, clients and borrowers.”

Investor Connect builds on Ellie Mae efforts to improve data integrity and efficiency between lenders and investors through its previously launched Total Quality Loan program, which is being used by several correspondent lenders.

“Ellie Mae continues to automate everything from origination through purchase to help originators and purchasers achieve a true digital mortgage,” Parvesh Sahi, Ellie Mae’s senior vice president of business development, said in a press release.

“Adding TMS to Investor Connect will help both lenders and purchasers reduce costs and drive efficiencies. This ultimately benefits all constituents involved, including borrowers, lenders and purchasers, who manufacture loans with the Encompass Lending Platform,” he continued.

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