Ellie Mae Announces Record Transactions for the First Quarter

ePASS, the Industry-Leading Transaction Platform, Tops 1.75 Million Transactions

Pleasanton, CA-May 29, 2003-Ellie Mae® Inc., the leading provider of desktop and web-enabled productivity solutions and software for mortgage professionals, announced today that their ePASS® Business Center, the industry-standard Internet transaction platform which connects originators to lenders and settlement service providers, handled more than 1.75 million transactions in the quarter ending March 31, 2003.

"During the first quarter, we have greatly expanded service to the 21,000 companies that have activated the ePASS Business Center," said Sig Anderman, CEO of Ellie Mae. "ePASS users now have electronic access to virtually all of the top wholesale lenders and full market coverage of the industry's credit reporting, title, flood, appraisal, mortgage insurance, automated underwriting providers and more through a single platform that simplifies and expedites the loan process. As we continue to add partners that are integral to the mortgage origination supply chain and further enhance the functionality enjoyed by our originators, we expect to see overall transaction numbers continue to rise."

The ePASS Business Center is a free resource for mortgage originators to conduct business faster and more efficiently, providing direct, point-and-click access to lenders and service providers. An innovative example of ePASS functionality is DO for ePASS, an exclusive, innovative interface developed jointly by Fannie Mae® and Ellie Mae, which provides an unparalleled experience when accessing Fannie Mae's Desktop Originator. ePASS also provides significant benefits to both lenders and service providers by creating a more effective method for receiving loan files or data accurately and securely from all of the leading loan origination software systems, saving time, eliminating data re-entry, and reducing costs.

"This has been a record quarter for Ellie Mae as we have experienced a 286% increase in the number of mortgage professionals that took advantage of ePASS to improve practices this quarter over Q1 2002," continued Anderman. "What is equally as impressive, given our rapid growth and dominant usage, is Ellie Mae's technical support division boasts an average answer time of less than 55 seconds, demonstrating our understanding of how valuable time is to our clients."

About Ellie Mae

Ellie Mae, Inc., the leading provider of desktop and web-enabled mortgage-industry productivity solutions and software, helps automate the loan-origination process from lead to close. Ellie Mae's ePASS® Web-transaction portal is the industry standard, currently processing over 700,000 transactions monthly. ePASS links 175,000 third-party mortgage originators to more than 250 wholesale lenders and 90,000 loan services providers-enabling them to eliminate redundant work, close loans faster and save loan-origination costs. Ellie Mae products include Executive Web Sites for automated lead generation and marketing, Contour® and Genesis 2000® desktop software for advanced loan origination and processing and Ellie Mae Docs for speedy, error-free electronic closing documentation. To learn more about Ellie Mae, call 877-355-4362 or visit www.elliemae.com .

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