Ellie Mae Launches DO for ePASS

New Interface Streamlines Desktop Originator

Cleveland, OH-June 17, 2002-Ellie Mae®, the leading Internet technology provider for mortgage originators, today announced the launch of DO for ePASS(SM), which provides ePASS users with faster, simpler access to Fannie Mae's Desktop Originator®. DO for ePASS offers originators who use loan origination software (LOS) systems by Genesis 2000®, Contour® The Loan HandlerT and Calyx® Point®, streamlined access to automated underwriting recommendations from their Desktop Originator sponsoring lenders. With DO for ePASS originators can get an underwriting recommendation from their lender in four mouse clicks. In addition, Desktop Originator findings are automatically displayed within a minute, without the need to leave the input screen. DO for ePASS is the latest generation of Desktop Originator developed by Fannie Mae and Ellie Mae.

"DO for ePASS provides seamless integration of Desktop Originator into the major loan origination systems," said Sig Anderman, CEO of Ellie Mae. "We have taken a time-consuming and complicated process and dramatically reduced the number of steps required to submit a loan file and receive a loan recommendation, bringing the user experience to a dramatic new level."

The new interface automatically transfers loan files and credit data directly from the LOS and eliminates duplicate and unnecessary data entry. It also does away with the need to identify specific loan products in order to obtain an underwriting recommendation. Additionally, the Desktop Originator Findings are returned within less than a minute, and are presented in a lender-branded, user-friendly format. Findings can be imported seamlessly into their LOS.

The new format also allows originators the ability to order settlement services with a single mouse click. Originators using DO for ePASS have the benefit of Password Manager(SM), Ellie Mae's new utility that automatically populates lender and Desktop Originator passwords and user ID's, eliminating the challenge of remembering multiple lender passwords. "The new DO for ePASS workflow is terrific," said Joe Simonoko, national sales director of Wachovia Mortgage. "The process is much simpler, more streamlined and faster. With our ePASS storefront, we're now able to reach thousands of new brokers and in turn, expand our market. We can even customize our storefront to offer our brokers better information and services."

More than 170,000 originators will have access to both DO for ePASS and to 160 Fannie Mae Desktop Originator sponsoring lenders.

"This is a significant step forward in empowering third-party originators," noted Anderman. "By providing them with these tools, originators can access underwriting recommendations from their Desktop Originator participating lenders easier than ever before. The new interface combines the rich, lender-specific content and functionality normally associated with individual wholesale web sites with the convenience, standardization and speed of our ePASS Business Center. Mortgage originators now have one single portal through which they can conduct Desktop Originator transactions, connect to their wholesale lenders and submit orders to settlement service providers, all with a uniform protocol."

In addition to presenting Desktop Originator underwriting recommendations, participating lenders can provide their originators with special offerings, services and program information in a single-branded storefront accessible directly from ePASS. The lender storefronts provide ePASS lenders with the ability to integrate right into their wholesale Web site with simple navigational links and promote their unique products and services.

"The reduced steps in the process are remarkable," said Mike Gill, president of The Mortgage Specialists. "Now with DO for ePASS, we get instant access to Fannie Mae's mortgage products and underwriting flexibilities through one integrated system. This means we can increase our productivity, and offer our customers faster loan approvals."

About Ellie Mae®

Ellie Mae, Inc., headquartered in Pleasanton, Calif., is the leading Internet enabler for the mortgage brokerage industry and the largest Loan Origination Software (LOS) provider in the U.S. Offering brokers the ePASS (electronic Processing And Submission System) Business Center, a B2B e-commerce platform, as well as customized Web sites, hosting services, and LOS packages, Ellie Mae enables mortgage originators to harness the power of the Internet, giving them a competitive advantage in the fast changing residential mortgage arena. For additional information visit www.elliemae.com or call 877-355-4362.

Some of the information in this news release may be forward-looking information under the Private Securities Litigation Reform Act of 1995. Forward-looking information, which includes forecasts, projections and predictions of future events or performance, is subject to and involves risks and uncertainties, which could cause actual results to differ materially from the forward-looking information. As a result, investors should not rely unreasonably on the accuracy of forward-looking information.

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