Become a Home Equity Powerhouse with Coviance’s Encompass Integration

The demand for home equity lending is skyrocketing. As credit unions and community banks grapple with the incoming surge of loan applications, they’re also facing long closing cycles which could push borrowers away. With the number of days from application to closing hovering around 41 days for HELOCs and 47 days for home equity loans (MBA’s Home Equity Lending study), the pressure is on to cut down on processing times and automate manual processes. 

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Today, Coviance released a new Connector with pre-built integration with ICE Mortgage’s Encompass loan origination system (LOS). The Coviance Connector enables community banks to fulfill home equity settlement services faster, more consistently, and securely. Coviance is turning financial institutions into home equity powerhouses. 

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What is the Coviance Encompass Connector?‍

At its core, the Coviance Encompass Connector eliminates manual processes and automates documentation flow between Encompass and Coviance from application to closing. Traditionally lenders need to switch between systems of record, manually downloading and uploading documents between platforms, and then manually confirming all decision points before the LOS can underwrite and process a loan decision. With the Encompass integration, all of the manual efforts become push-button simple with drag-and-drop experiences that automate workflows for intelligent decision-making.

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Why does the Coviance Encompass Connector matter?

The Coviance Encompass Connector bilaterally flows information between solutions so lenders can accelerate and scale home equity lending. The pre-built, no-code integration automates traditionally manual processes, providing operational efficiency and shortening the lending cycle  so you can process more loans without adding headcount.

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With the LOS integration, Coviance users can:

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1. Fuel efficiency with intelligent automation. Unlock no-code adaptive workflows and intelligent collateral decisioning with top integrated partners, all in one location.
2. Simplify the lending experience while keeping borrowers informed. Scalable and transparent borrower experience with real-time, adaptive borrower communication, data, and document notifications within intelligent workflows.
3. Streamline change management with centralized compliance. Get access to loan-level audit trails with detailed workflow and decision documentation for consistent business intelligence. One source of truth. One system of record.

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Why Coviance?

Founded in 2015, Coviance (formerly LenderClose) is a fintech company on a mission to perfect the lending experience for community lenders and borrowers through automation and intelligence. A cloud-based platform, Home Equity Express™ (HEx), automates the home equity lending process through configurable workflows with data-driven decisioning intelligence elevating the lending experience for borrowers and lenders. For Credit Unions and Community Banks, Coviance is an out-of-the-box solution that is easy to implement and deploy and allows them to focus on what matters most – “the borrower’s experience”.  

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As a partner to community lenders, Coviance provides intuitive, user-friendly technology solutions that offer quick and stress-free home equity loans. With a simple drag-and-drop workflow configuration, centralized process compliance, pre-built vendor integrations, and automated communications, Coviance puts time back in the hands of lenders and borrowers. Coviance also offers top-tier customer service, including live chats with experts and a full support team that provides consultative onboarding and workflow automations that fit lending process requirements. 

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Coviance was selected as the National Association of Credit Union Service Organizations’ 2022 CUSO of the Year and earned a spot on the Inc. 5000 List of Fastest Growing Private Companies in the U.S. in 2022 and 2023. For more information visit Coviance.com.

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Ready to see the Encompass integration in action? Reach out to a sales representative to see a quick demo.