Is there a module that does this already?

loader.js

var fs = require('fs'),
  ejs = require('ejs');l

module.exports = function(root) {
  var templates = {};

  fs.readdirSync(root).forEach(function (filename) {
    templates[path.basename(filename)] = ejs.compile(
      fs.readFileSync(path.join(root, filename))
    );
  });

  return function render(name, vars) {
    return templates[name](vars);
  };
};