Partnering with Ellie Mae in mortgage
Today, we’re excited to announce our new partnership with Ellie Mae, one of the most established and forward-thinking mortgage companies in the United States. Through this partnership, we’ll initially help digitize a historically manual element of the mortgage application process. Our new partnership integrates Plaid into Ellie Mae’s Encompass Consumer Connect solution as an asset verification provider, so that lenders on the platform can now offer their borrowers the option to digitally verify assets via Plaid in real time instead of manually submitting paper bank statements. (The average mortgage process today requires roughly 500 pages of paperwork and takes 30+ days to complete!)
While the borrower footprint has changed drastically over the past decade, and the lending landscape itself has grown, many time-intensive parts of the mortgage process remain manual and untouched by technology. In order to deliver inclusive lending solutions for a broader set of borrowers, it’s become even more important that data is both reliable and timely and that lenders aren’t laden with papered pastimes. Through this partnership with Ellie Mae, the newly digitized elements of the process will give lenders a way to differentiate themselves with a more seamless application process via better, faster, direct connections with borrowers’ financial institutions.
At Plaid, we get really excited thinking about what the future of financial technology might look like. Over the past few years we’ve embraced the opportunity for Plaid to play an integral role in the mortgage industry. We’re looking forward to helping shape the future of digital mortgage.