Ellie Mae Announces New Major Releases of Encompass Digital Mortgage Solution

Date : 04/16/2018 @ 9:00AM
Source : Business Wire
Stock : Ellie Mae, Inc. (ELLI)
Quote : 102.84  -3.99 (-3.73%) @ 3:59PM
Ellie Mae, Inc. share price Chart

Ellie Mae Announces New Major Releases of Encompass Digital Mortgage Solution

Ellie Mae, Inc. (NYSE:ELLI)
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Releases Drive Quality, Compliance and Efficiency for Encompass and Encompass TPO Connect

Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, announced today that it has launched a new major release of its Encompass® digital mortgage solution. The release of Encompass 18.2 will help lenders of all sizes originate more loans, lower origination costs and shorten the time to close with compliance, efficiency and quality. Specifically, the new major release of Encompass includes compliance updates related to Know Before You Owe (KBYO) and the Home Mortgage Disclosure Act (HMDA), and Construction Workflow and Correspondent Trades. Ellie Mae also announced plans for new innovative Encompass TPO Connect® functionality that will be available later this month.

“Our mission is to provide complete digital mortgage technology to help our customers succeed by enabling them to close more loans by increasing efficiencies, reduce the time to close by offering intelligent automation and reducing the cost to originate,” said Jonathan Corr, president and CEO of Ellie Mae. “With the 18.2 major release of Encompass, we are providing expanded support and new capabilities to improve efficiency, transparency and workflow automation while offering the quality and compliance synonymous with the Ellie Mae name. Additionally, by offering an array of new functionality to Encompass TPO Connect, we're helping our third party originators be more productive while growing their businesses.”

The major release of Encompass 18.2 includes:

Know Before You Owe Mortgage Disclosure Updates: Implementation of the first phase KBYO Technical Corrections rule published by the Federal Register on August 11, 2017 with a mandatory implementation date of October 1, 2018. Updates were made to the Loan Estimate and Closing disclosure for treatment of gift funds, closing cost expiration after Intent to Proceed and other workflows to incorporate these technical clarifications.

Construction Loan Workflow: Updates to cash to close calculations on the Loan Estimate and Closing Disclosure input forms to align with KBYO clarifications and guidance for construction and construction-to-permanent transactions. This represents a significant improvement in workflow and efficiency for construction loans originated on the platform.

Extensions for Correspondent Trades: Continued investments in solutions that enable a seamless, automated workflow with correspondent lenders that reduces the time to qualify and purchase loans. Correspondent lenders can now request, and investors can now initiate trade expiration date extensions for multiple loans within a trade, removing the friction and manual communication process between lenders and investors that is often required to extend loan expiration dates.

To help correspondent investors and lenders originate better loans faster, Ellie Mae also announced upcoming enhancements to Encompass TPO Connect, Ellie Mae’s solution for optimizing wholesale and correspondent channels. The following updates will be available in late April:

  • Individual login credentials for TPOs with multiple sales representatives.
  • Configurable loan buckets to organize loans by lifecycle stage, size and geography for easier management and reporting.
  • Disclosure tracking status reports that enable TPOs to easily identify the status of their loan disclosure sent to TPO Connect administrators.

Plus new functionality to enable lenders to customize their website user experience based on their business workflow:

  • The ability to embed third party content in the TPO website with secure scripting to provide TPOs with customized workflow and improved experience.
  • The ability to create a customizable web page login, enabling lenders to extend their brand to their TPO Connect websites.
  • Customizable milestone fields that give lenders transparency into the status of their TPO’s loans.

For more information about Encompass, visit: http://www.elliemae.com/encompass/encompass-overview

For more information about Encompass TPO Connect, visit: https://www.elliemae.com/encompass/sales-marketing/encompass-tpo-connect

About Ellie Mae

Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call (877)355-4362 to learn more.

Forward-Looking Statements

This press release contains forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the benefits to Ellie Mae’s customers of the Encompass 18.2 software release. These statements involve known and unknown risks, uncertainties, and other factors which may cause actual results to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. Ellie Mae cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Ellie Mae expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.

© 2018 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, Mavent®, Velocify®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.

Ellie Mae, Inc.Erica Harvill, 925-227-5913Erica.harvill@elliemae.comorAllison+PartnersAlexandra Gardell Kreuter, 646-428-0618EllieMae@allisonpr.com

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