Ellie Mae® Selects DataVerify® Risk Mitigation System for Its Total Quality Loan Program
ST. LOUIS, January 9, 2016 – DataVerify®, a leading provider of risk mitigation services, and Ellie Mae®, (NYE: ELLI) a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today announced the addition of DataVerify’s DRIVE® services including fraud and 4506-T to Ellie Mae’s Total Quality Loan™ (TQL™) program.
TQL is designed to help lenders address risk, quality and consistency in their loans by combining the services needed to ensure consistent loan quality in one easy-to-use screen. Its intent is to reduce human error and streamline the process of ordering, reviewing and addressing alerts to improve workflow, and drive quality and efficiency. In addition to DataVerify’s DRIVE system, the other tools integrated into TQL include: Ellie Mae's Encompass Compliance Service™, an automated compliance service; the Encompass 4506-T Service™ for income verification; and Encompass Flood Service™, for basic and life-of-loan flood zone determinations.
“Ellie Mae has collaborated with a number of lenders to understand their needs while shaping the program,” said Joe Tyrrell, Ellie Mae’s executive vice president of corporate strategy. “Collateral risk and fraud-detection are two of the must-have capabilities that have been mentioned time and again, and lenders have asked to have DataVerify’s risk mitigation platform integrated into TQL. As a result, we are very excited to add the DataVerify DRIVE system as a standard feature of TQL.”
DataVerify’s platform provides comprehensive data aggregation to assists in data verification and fraud prevention. Its three major components include: IDVerify® to authenticate the borrower, AppVerify® to corroborate the borrower’s application information, and PropertyVerify® to assess the property used as collateral in the loan transaction. In addition, DataVerify includes unique functionality to aid the lender in accounting for changes in borrower information and credit throughout the loan origination process.
“We are extremely pleased that our comprehensive services have been selected as a mission-critical component of TQL,” said Kent Johnson, president of DataVerify. “We believe that a deeply integrated suite of products like Ellie Mae's TQL, will enhance the way mortgages are originated, reviewed and sold.”
Tyrrell added, “We are committed to continuing to enhance our TQL capabilities and give our customers industry leading services to streamline the loan review process, reduce costs, and improve overall loan performance and profitability.”
For more information, contact DataVerify at 866-895-3282 ext. 5.
DataVerify harnesses advanced analytics and technology to create automated and customizable fraud prevention and decision management solutions. The result is a platform that empowers lenders to make precise and consistent business decisions. The DRIVE® system is a single-source, enterprise-wide engine that identifies and measures hidden threats, such as data integrity errors and misrepresentations, identity theft, and property and application fraud. Engineered to offer optimal flexibility, the DRIVE platform allows lenders to manage those risks according to their institution’s tolerance level.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more.
Ellie Mae, Inc.