Ellie to Offer New E&O Policy

Ellie Mae Inc., Dublin, Calif., has announced that its insurance subsidiary, Ellie Mae Insurance Services LLC, will offer mortgage brokers an "innovative, transactional-based" errors-and-omissions policy.Under the agreement, Ellie Mae Insurance will provide new E&O coverage that is billed on a transactional, or loan-by-loan, basis. Unlike traditional coverage, which Ellie Mae said many brokers find too cumbersome and too costly, the new product will allow for an instant one-time online approval and "pay-as-you-go" pricing. It was developed in conjunction with the member companies of American International Group Inc., an insurance industry giant. "We are looking to protect originators and raise the level of compliance in our industry," said Sig Anderman, chief executive officer of Ellie Mae. "This new E&O product protects all of the stakeholders in the mortgage origination transaction. Furthermore, it offers convenient online underwriting and approval, and enables mortgage brokers to pay as they go." The product is scheduled to be released to mortgage brokers on Aug. 1. Ellie Mae, a provider of software and services for the mortgage industry, can be found online at http://www.elliemae.com.