IntroductioneLucid™ is an affordable, scalable, digital mortgage platform for initiating and managing a loan with simplicity and transparency. It is designed to enable small to midsize lenders to compete with larger lenders by offering digital mortgage capabilities via web or app.
The eLucid™ platform provides core mortgage features including application, credit, rates, digital document acquisition, and instant pre-approval for qualified borrowers. It also offers property details, loan status, credit improvement recommendations, product recommendations, and a refinancing countdown. Together these features provide an end-to-end mortgage experience that is useful to borrowers from shopping to application to closing and beyond.
Modular ApproachThe eLucid™ platform is modular. It takes advantage of APIs to integrate a variety of third-party solutions with our proprietary features and functions. This provides the flexibility to tailor an eLucid™ installation to utilize many of the user's existing resources, resulting in lower costs and easier learning curve.
APIs are used to integrate Customer Relationship Management (CRM), Loan Origination System (LOS), Credit service, pricing service, property information and more.
The APIs are connected in custom middleware that also includes a product recommendation engine, document acquisition, loan status, messaging, and pre-approval analysis.
CRMeLucid™ platform works with your CRM to ensure that every application that originates from your app or website creates a new lead that your team can manage. In the case of the app, eLucid™ can create a new lead for every new user - even if they don't submit an application.
eLucid™ can take advantage of your CRM's trigger email capability to target new app users with a campaign designed to prompt them to submit an application. eLucid™ also synchronizes milestones in your CRM with those in our LOS to enable the triggering of email status updates to applicants with loans in processing.
LOSThe eLucid™ platform connects with your LOS to manage processing and underwriting. eLucid™ sends applications direct to the LOS where they are stored and may be reviewed by your team. eLucid™ also deposits documents submitted via the platform into the LOS for review and storage.
eLucid™ bases its loan status display on the milestones set up in your LOS. Each time your team updates a record in the LOS, the customer's status is updated in eLucid™. Because eLucid™ coordinates milestones between the CRM and LOS, you can add custom milestones to provide greater transparency.
Credit & PricingThe eLucid™ platform is designed to work with your choice of credit service and pricing service. Most popular services can be supported.
eLucid™ enables your customers to authorize a credit check that is accessed instantly via your credit service. The report is used to enable your customer to monitor and analyze their credit, as well as view recommendations for improving their score. It is also used in conjunction with the application to determine whether the customer qualifies for instant pre-approval. Plus it is sent along with the application to your LOS for review and use in underwriting by your team.
SecurityeLucid™ sends encrypted data such as applications and documents via secure socket layers (SSL) from the user's device to the LOS. Data is stored at the LOS and remains encrypted at rest. Basic customer data including name and contact information is also stored at the CRM for marketing purposes. However, critical financial data is not stored at the CRM.
App versions of eLucid™ are largely self-contained on the device and protected by two-factor authentication that includes the device's password and that of the app. Web versions of eLucid™ are hosted in the lender's hosting environment. eLucid™ recommends an Amazon Web Services (AWS) environment that meets all financial regulations.
DistributionThe eLucid™ platform is designed for distribution via native apps and the Internet. Web-based implementations include a Responsive presentation layer that is effective on desktop and mobile devices.
App versions of eLucid™ are available for iOS and Android. App versions take advantage of the unique capabilities of mobile devices to offer an enhanced feature set. There are distinct iPad and iPhone versions designed to optimize the experience of users of those devices.
ImplementationAlthough the eLucid™ platform works out-of-the-box with a set of popular mortgage resources, its modular approach enables it to be configured to work with a wide range of resources. Any CRM, LOS, credit or pricing service that offers an API can be integrated.
The eLucid™ team works with lenders to understand their current tool set and develop a custom implementation based on their unique needs.