Ellie Mae, based in Pleasanton, CA provides a software platform called Encompass that I would guess over 50% of the mortgage companies and banks utilize. It has utilities connected that “encompass” everything from the loan application, pulling credit, pricing a loan for interest rates, running underwriting via either LP or DU and aspects of closing and funding the loan. Safe to assume, once a company installs and uses – you can become a bit dependent on it – easy to do when it does all that.
Yet here we sit, starting day #2 of that wonderful platform offline because of unknown or unreleased reasons. So if you have submitted a loan application – there is a chance that your loan originator can’t get to it. Or if you now have a contract to purchase a home, it will be delayed a bit by this shut down.
So today we start old school ways – like when you are in a restaurant and the power goes out – the seasoned staff pulls out the old manual credit card machine, you know the old swiper one with the carbon middle part.
Please be kind to your loan officer today as their nerves are a bit on edge!!! Can we go back to Monday morning and find the reset button and start over?