The Tustin, Calif., company has selected Ellie Mae’s Encompass360 and Encompass Compliance Service products, under a pricing model that allows it to pay for the software based on the number of loans it closes every month, Ellie Mae said Wednesday.
New American Funding operates in 22 states and funds approximately $400 million worth of loans a month, in addition to servicing a $2 billion portfolio. It was approved as a servicer by Fannie Mae and Freddie Mac last year.
New American Funding cited Ellie Mae’s compliance system as a factor in its choice.
“Having compliance totally integrated with our LOS was a major driver in our selection process,” said Erin Forbes, New American Funding’s director of compliance/servicing, in the news release.
“We looked at a number of different loan origination systems, but none were as robust as Encompass360.”
Ellie Mae updated its Encompass360 software last month, adding features to help small and midsize lenders buy loans and streamlining compliance with new regulations.