Ellie Mae Integrates CoreLogic QC Software

CoreLogic’s FinalCheck suite of quality control software is now accessible from the Ellie Mae loan origination system.

The integration is direct into the Encompass360 LOS, rather than a connection through Ellie’s collaborative network services platform, called the Ellie Mae Network.

The three FinalCheck tools verify borrower credit and mortgage application and fraud data and create an audit report for lenders to review prior to loan delivery to secondary market investors.

CoreLogic’s Credco subsidiary developed the FinalCheck suite and launched it in December. Other CoreLogic software integrated into Ellie’s Encompass360 LOS are its Instant Merge credit report, Flood Services, LoanSafe Fraud Manager, and 4506-T Direct income verification services.

Last fall, a number of vendors began adding compliance and pre-funding quality control technology to their LOS. Some vendors added service-based integrations into Fannie Mae’s Web portal for EarlyCheck, which lets lenders run mortgage documents through Fannie Mae’s data verification platform before the loan is funded and closed.

CoreLogic holds more than 2.5 million shares of Ellie Mae stock. At a 16.29% stake, it is the largest shareholder of Ellie Mae stock, according to Securities and Exchange Commission data. Ellie Mae is in the process of selling 7.5 million shares in an initial public offering priced between $9 and $11 per share. While CoreLogic is not expected to sell any of its shares in the IPO, it will decrease CoreLogic’s existing shares to a 12.3% stake.

In late March, CoreLogic purchased LOS vendor Dorado for $32 million, increasing its existing 40% stake in the company.