The complicated process of financing a home creates the unique intersection of big finance and low-to-moderate income individuals that is the mortgage industry.
Underwriters have become especially careful and regulations have grown more restrictive in the time since the financial crisis of 2007 and 2008. Remember that many of the “toxic assets” that burst the bubble were (at least originally) poorly underwritten mortgages.
As a result, mortgage lenders are now faced with an unprecedented amount of paperwork to comply with stricter-than-ever regulations.
Ellie Mae Saves the Day
Arguably ahead of its time, Ellie Mae began developing mortgage processing and regulatory compliance software well before the crisis complicated the mortgage lending process further.
As demand for sleek, time-saving SaaS solutions rises, Ellie Mae stands as the incumbent expert in the mortgage SaaS market.
This has propelled the SaaS provider into the spotlight as a top performer in its industry. It’s a relevant example of how and why the SaaS model is becoming more important and ubiquitous across various industries.
Improving the Home Buying Experience in the Face of Increasing Regulation
Against all odds, Ellie Mae is delivering SaaS that has reduced the closing time on houses sold.
They’ve delivered a product that efficiently navigates the regulatory process and helps streamline reports for underwriters. Speeding up the process at each point shaves days off of the mortgage lending process.
It’s not because Ellie Mae’s software is improving. It has more to do with more lenders adopting their software, and more importantly, doing so effectively.
The result is a shining example of how SaaS addresses regulation and keeps sales streamlined even as these processes grow more logistically complicated.
As regulations evolve, so too does their software. As a continuous subscription-based service, their software quietly keeps companies compliant so they can focus on what matters most: improving sales and keeping overhead low.
It all comes down to using SaaS to its full potential. That is our specialty.