For both the buyer and the lender, lending platform software is a critical part of the mortgage process. Lenders must make the critical decision about what software is the best fit for their company and clients.
Comparing Ellie Mae and TurnKey Lender There are two major players for lending platforms. The first is Ellie Mae Encompass Lending Platform. Founded in 1997, the company was originally known as Electronic Mortgage Affiliates. It now processes about 35 percent of all mortgages in the United States. The second major platform is TurnKey Lender. This newer company got its start in 2014. However, with quality and security, TurnKey Lender has quickly gained a strong foothold in the market worldwide. Today, TurnKey Lender has clients in more than 50 countries. With such proven competitors, it can be difficult to know what to pick for your company’s lending platform. Therefore, carefully assess the following comparison points. Common Uses Your choice will depend on the way you use the software. Ellie Mae is a cloud-based platform. It is used to manage loan origination. It is also employed for funding, trades and different types of correspondent lending. You may also use it for borrower acquisition. TurnKey Lending is more commonly deployed with enterprise businesses. Its most common clients are banks, credit unions and other finance companies. However, TurnKey Lending is dynamic enough that it is also used by in-house lenders, nonprofit organizations and governmental agencies. Key Features Both companies have many similar features. Both platforms offer users an audit trail and electronic signatures. They can be used for loan processing, online applications and more. Each one can offer comprehensive management including compliance and documents. Similarly, each platform is compatible with multiple operating systems. You can expect online support and live service options. Training for each platform is provided in multiple contexts. Benefits The key features of each platform share commonalities. This is why these companies are perfectly poised as competitors. However, there are still essential benefits that provide additional distinction. Given its longstanding place in the industry, Ellie Mae Encompass Lending Platform is the gold standard. It has defined many of the processes and expectations. Therefore, you can expect streamlined applications that are thoroughly supported. TurnKey Lender is noted for its high rates of customer satisfaction. It is also noted for being incredibly easy to use with little training necessary to master the platform. Scalability and Cost Effectiveness Ellie Mae Encompass Lending Platform is best suited for larger companies with more than 1,000 clients. While TurnKey Lender can function on this scale, it is more commonly associated with companies of a smaller scale. The cost of each platform will vary. You will want to get a specific quote in order to assess the overall cost-effectiveness of each one. Conclusion Ellie Mae is clearly the trusted industry leader, but TurnKey Lender can certainly get the job done in most cases. Look at the prices, and consider the scale of your needs. Then, you can pick the right option for your company. Blog Source: https://chetupartnerships.wordpress.com/2020/11/27/ellie-mae-vs-turnkey-lender-which-is-best-lending-platform/
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