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Ellie Mae Updates Mortgage Software

JAN 10, 2013 3:52pm ET
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Ellie Mae, based in Pleasanton, Calif., said it has bolstered the capabilities of its Encompass360 software with elements that can promote efficiency, compliance and ease of use.

The changes, part of the Encompass360 Winter Release, accommodate requirements of Citigroup’s mortgage arm, which in August joined Wells Fargo as the second bank to use Ellie Mae’s Total Quality Loan service. According to Ellie Mae, the service eliminates investors’ need to order duplicate third-party reviews of loan files or go to each individual service provider for a secure original copy of borrower verification services.

Ellie Mae says the service reduces the cost of compliance reviews for banks and cuts down on the added expense of purchasing additional verifications.

The latest version of the software also includes features to help small and midsized banks tap opportunities to buy loans, capabilities to make documents easier to deal with, and changes to help originators, lenders and others satisfy requirements of the Real Estate Settlement Procedures Act and the National Mortgage Licensing System & Registry.

“This program continues to gain traction among investors and our lender clients, both of whom are looking to improve loan quality from origination through delivery,” Jonathan Corr, Ellie Mae’s chief operating officer, said in a news release. “The broad array of enhancements in the Winter Release will help our clients take advantage of new opportunities being created within the correspondent lending market and continue to strengthen their automated compliance and reporting efforts.”

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