Customer Story

Encompass Lending Group Reduces Month End Closing by 50% with Loan Vision

November 30, 2023
Encompass Lending Group Reduces Month End Closing by 50% with Loan Vision

The Challenge

Since entering the mortgage space in 2008, Encompass Lending Group found themselves using an off the shelf product for all their mortgage accounting needs. However, as the company grew larger, so did the challenges with their generic accounting system.

“The biggest challenge was it was slow to get information,” says Paul Marsh, CFO at Encompass Lending Group. “If we wanted to see real time data, we had to apply more resources. Every 50 or 60 loans, you needed another body doing that work to get the information.”

The company was falling behind as their manual processes and required headcount for tasks were slowing them down significantly, especially when it came to loan reconciliations.

“If there were mistakes on recording loans between the loan closing and the loan selling, then you would have things just hanging out there,” explains Marsh. “We got into a pattern of doing a deep dive monthly to understand why we were off, which took days of work to unwind.”

With the system’s inability to process data at an adequate speed, paired with the excessive headcount needed for manual tasks, Encompass knew it was time to commit to a solution that could not only support the company’s growing needs, but also enable them to run more efficiently.

The Solution

A quick internet search for loan-level accounting tools brought up Loan Vision, a new option to Encompass, and one other industry specific solution. What drew Encompass to Loan Vision was the trust that other mortgage industry companies had in the platform.

“Talking to people on the competitive solution and hearing the pain points that came with that software really kicked us over the edge towards Loan Vision,” says Marsh. “Loan Vision was more forward thinking. We felt the software would progress and grow, whereas with the other option, we felt we’d end up butting against some limitations.”

What really assured and confirmed for Encompass that they had made the best decision for their mortgage accounting solution was their implementation experience.

“The way [implementation] was laid out was great,” boasts Marsh. “For me as a CFO, I never had to worry about what the next steps were. The access to information and the way everything was recorded really enabled my team to understand the processes.”

Marsh was also impressed by the Loan Vision implementation team.

“It was refreshing. The initial trainings and conversations were excellent,” boasts Marsh. “I got to know the team well. They kept us on track but did it in a way that made us feel confident in the process.”

The Results

Once Loan Vision was implemented, Encompass saw immediate impact on process efficiency and effectiveness, especially surrounding loan reconciliations.  

“The loan reconciliation piece had the biggest impact in time savings,” says Marsh. “We were able to trim our department by one person and relocate them elsewhere. I don’t have to do workarounds for approvals anymore, and they give us the necessary reporting required. The controls Loan Vision brings are invaluable.”

Loan reconciliation wasn’t the only area Encompass saw results with Loan Vision. The company was able to cut their month end close in half with their new solution.

“[On our old system], we were running normally in the 20-25-day range to get a solid month end close,” says Marsh. “Right now, we’re running a 10-day close with Loan Vision.”

With the ease of use on month-end close causing less stress for the Encompass team and loan reconciliations giving them much needed time back, Marsh explains his team is able to focus on analysis over entry and be the advisors they want to be.

“I thought moving away from our old system would mean I was sacrificing the intuitiveness I got from it,” says Marsh. “But Loan Vision delivers on that. It’s easy, it’s intuitive, and I can get the information I need easily. And that’s the biggest benefit to me - knowing that Loan Vision gives me what I want, when I want, and the way I want.”

Latest Customer Stories