Ellie Mae® Launches Total Quality Loan Program
Program provides Encompass360Mae® users with quality- and compliance-enhancing services throughout the mortgage process
PLEASANTON, CA – May 26, 2011 – (RealEstateRama) — Ellie Mae®(NYSE Amex:ELLI), the provider of software and automation solutions for mortgage bankers, community banks, credit unions and other mortgage lenders, announced today that it has launched the Total Quality Loan (TQL) program, a new initiative to promote total loan quality for loans originated through Encompass360® Mortgage Management Solution. This program builds upon the company’s strategy to provide a comprehensive mortgage solution that extends beyond standard loan origination functions by offering supplemental services that enhance loan quality and compliance, and help reduce many of the major risks throughout the mortgage cycle.
The Total Quality Loan program centers around a suite of services and secure, tamper-proof technology that enables users to share the findings and data from those services with other stakeholders in the industry supply chain. Ellie Mae has collaborated with a number of secondary market investors to understand their needs while shaping the program.
“Quality and compliance are major concerns for lenders, who need to comply with new regulations, avoid potential fines and minimize buyback risk while also making sure loans are of salable quality,” said Jonathan Corr, chief strategy officer for Ellie Mae. “They need tools that address specific regulations as well as investors’ quality standards throughout the entire mortgage process.”
Ellie Mae’s Total Quality Loan program currently includes its own Encompass Compliance Service™, a comprehensive compliance service that provides automatic compliance checks throughout the entire mortgage cycle, and its newly launched Encompass 4506-T Service™, an integrated verification solution that allows Encompass360 users to electronically order tax return data from the IRS and automatically compare it to the income stated by the borrower. The program also provides access to Fannie Mae’s EarlyCheck™, a delivery data check process that identifies issues that could impair the loan’s salability early in the process and prior to loan delivery.
Encompass360 users can connect to these quality and compliance services, as well as view scores and results from the services they have selected through the recently launched Total Quality Loan tool, a central onscreen access point within Encompass360. The Total Quality Loan tool provides real-time and past information, including the user’s order history and past results. Later this year, Ellie Mae plans to integrate more services into the Total Quality Loan program, including a credit and collateral fraud prevention service powered by CoreLogic.
“Two big challenges for originators right now are the speed at which regulations are changing and the lack of clarity on how to best implement solutions that address those regulations,” said Corr. “As our clients’ technology partner, we are helping Encompass360 users to meet those challenges with easy access to the services that promote total loan quality. Our clients know they can trust us to offer the solutions and processes they can use to help keep compliant.”
About Ellie Mae
Ellie Mae provides enterprise mortgage origination technology solutions for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders. The company’s offerings include the Encompass® and Encompass360® Mortgage Management Solutions, Encompass CenterWise™ websites and electronic document management services, Encompass Closer™ document preparation services, Encompass Compliance Service™, Encompass Product and Pricing Service™ and Encompass Assured GFE™. Ellie Mae also hosts the Ellie Mae Network™ that allows mortgage professionals to conduct electronic business transactions with the lenders and settlement service providers they work with to process and fund loans. Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362
© 2011 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360®, Encompass Assured GFE™, Encompass CenterWise™, Encompass Closer™, Encompass Compliance Service™, Encompass Product and Pricing Service™, Ellie Mae Network™ and the Ellie Mae logo are trademarks or registered trademarks of Ellie Mae, Inc. or its subsidiaries. Encompass Assured GFE™ is a trademark of Ellie Mae, Inc. in the United States, and a private-labeled service provided by ClosingCorp. All rights reserved. Other company and product names may be trademarks of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include the company’s ability to enhance the features and functionality of the Encompass software, the timing of the introduction and acceptance of additional services and the timing of new product launches. Additional risks and uncertainties related to the company’s business are discussed in the company’s Securities and Exchange Commission filings, including but not limited to the to the final prospectus relating to its initial public offering [and the company’s most recent Quarterly Report on Form 10-Q]. Unless otherwise required by applicable laws, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
PRESS CONTACT:
Rosalie Berg
Strategic Vantage Marketing & Public Relations
(305) 971-5352
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