Ellie Mae Offers Free Compliance Check

Ellie Mae, Dublin, Calif., has announced the formation of a partnership with ComplianceEase, Burlingame, Calif., to offer free, automatic compliance audits to mortgage brokers using Ellie Mae's Encompass Mortgage Automation System.The compliance check, which is free of charge with every loan submission to one of the 45-plus lenders available on the ePASS Network, will work to ensure that loans comply with federal regulations and state and municipal predatory-lending laws, Ellie Mae said. (The acronym stands for Electronic Processing and Submission System.) "Compliance is essential these days, so having a compliance check built into a loan origination system provides great benefits to mortgage brokers," said Jonathan Corr, Ellie Mae's chief strategy officer. The compliance check provides an easy-to-understand "pass" or "fail" designation, but originators who want additional details on loans that failed can get an instant, in-depth report for a nominal fee, Ellie Mae said. The companies can be found online at http://www.elliemae.com and http://www.complianceease.com.