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92 time investor requirements change. Another must-have is adequate workspace for receiving, imaging, auditing, and shipping of all those trailing documents. Resolve deficiencies before they become problems. Half the battle of document management is identifying gaps, which requires know- ing what to look for and being resourceful to quickly fix defects. Companies should perform this gap inspection upon receipt of a loan package to allow enough time to work with settlement agents to cure, perfect, and com- plete collateral files prior to investor delivery. Attempting to resolve document deficiencies at the last minute, prior to pool certification, can cause added expense. Know what's coming in and what's going out. Monitoring the flow of trailing documents requires more than an Excel spreadsheet or a few fields in a loan origination system (LOS). A comprehensive, 360-degree view of the process can greatly aid in effectively monitor- ing the status of documents. Statistics are useful to management, such as the average number of days from funding to receipt, from funding to delivery, and the number of documents with defects. Invest in building a sophisticated database that automates the tracking of this information into a system of record as it flows through the process. If building a tracking system is not an option, research available applications from a technology provider. It pays to be picky when outsourcing. e trailing document process is strictly back-office, so outsourcing frees up resources to focus on customer-facing operations and pro- vides a competitive advantage by moving fixed costs to variable ones. When choosing a service provider, important considerations should include access to comprehensive and quality data, as well as trailing document proficiency and industry reputation. Ask probing questions to understand the source of the data, the depth of the organization's title expertise, and what methods are used to obtain or replace missing policies quickly. Although a clear-cut process, managing trailing documents is deceptively high-mainte- nance and complex. When left unattended for too long, incomplete or inaccurate collateral files will become an overwhelming chore, but a little attention goes a long way to make the trail- ing docs process a smooth-running machine, thereby mitigating risk. Chris Brinkley, VP, Division Operations Velocify has a leading position," said Nick Hedges, President and CEO of Velocify. "Successful sales teams offer an end-to- end digital experience combined with as much human touch as the consumer desires throughout their buying process. e team at Velocify has built the leading software solution for consumer sales engagement during the early stages of the sales process. By joining forces with Ellie Mae, we are very excited to extend that capability throughout the consumer buying cycle." The Road to Efficient Document Management By Chris Brinkley Collateral trailing document management—the movement, accountability, and storage of recorded security instruments, title policies, and the like—is a critical part of the mortgage post-closing equation, not to mention a required function for mortgage lenders. Late or missing trailing documents can result in investor fines, delayed payments for loan sales, or loan buybacks. Despite these risks, document management rarely gets the attention it deserves, and neglecting it for too long can lead to chaos. e complexity in dealing with such a cumbersome process is partly what led First American Mortgage Solutions to launch CleanFile Solutions, with the goal to assist clients in achieving "total loan quality, regulatory compliance, and file perfection from day one," according to First American President Kevin Wall. Take it from the post-closing professionals that prevention is better than looking for a cure. A small investment now can save time, money, and hassle later. Here's what is needed to make your document management operations more efficient and effective: Don't skimp on resources. If ensuring loan packages are complete before delivery is a priority for your business, so should the supporting efforts to make that happen. Post-closing is an area often tapped when extra hands are needed to manage volume fluctuations, but incomplete or inaccurate col- lateral files can pile up quickly. A dedicated staff should manage the tail end of the loan process continuously regardless of volume fluctuations. Equally necessary are foundational resourc- es. Allocating technical support is important, since systems inevitably need upgrading every CALIFORNIA Ellie Mae to Acquire Velocify Ellie Mae, a cloud-based platform provider for the mortgage finance industry, announced it has signed a definitive agree- ment to acquire Velocify, a sales acceleration platform. With this agreement, California-based Ellie Mae will combine the lead manage- ment software of Velocify with Ellie Mae's Encompass CRM and Encompass Consumer Connect digital consumer experience. "As part of our comprehensive strategy to deliver the first true digital mortgage to the industry, we are helping lenders to originate more loans, reduce costs, and complete the entire mortgage process faster," said Jonathan Corr, President and CEO of Ellie Mae. "e combination of Velocify's solution with our Encompass CRM and Encompass Consumer Connect solutions will accelerate our delivery of the most robust digital mortgage solution in the market. e acquisition will enable us to provide the first combined solution that helps lenders turn consumer interest into applications by offering a personalized, high-tech, and human-touch experience. Going forward we will empower lenders' sales teams to keep pace with the speed of opportunity, drive down costs of origination through greater lead capture and conversion, and improve productivity through actionable selling insights." Velocify's lead management solutions will help sales teams keep pace with the speed of opportunity by driving rapid lead response, improving productivity, and offering action- able selling insights. e company helps sales teams sell more by streamlining and optimiz- ing the sales process from start to finish by enabling teams to accelerate leaf engagement and implement effective workflows, ulti- mately helping lenders find and convert more leads, faster. Many of Ellie Mae's Encompass all-in-one mortgage management solution customers already use the Velocify solution. Under the terms of the agreement, Ellie Mae will acquire Velocify for $128 million in cash. e transaction is expected to close in the fourth quarter of 2017 and will have no impact on third quarter financials. Ellie Mae will provide additional financial details when the company reports its third-quarter results. "A digital transformation is occur- ring across the financial services industry, especially in the mortgage vertical in which

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