Ellie Mae Adds PHH Mortgage to Encompass360™ Select Program

Encompass360 Select program provides automated loan pricing from PHH Mortgage, accessible from directly within the Encompass360 mortgage management software

MOUNT LAUREL, NJ and PLEASANTON, CA—July 29, 2010— PHH Mortgage Corporation, a subsidiary of PHH Corporation (NYSE: PHH), and Ellie Mae^®, the enterprise mortgage origination technology provider, today jointly announced that PHH Mortgage has been added as a lender to Ellie Mae’s Encompass360™ Select program, which is exclusively accessed by preferred customers of Encompass360.

The Encompass360 Select program enables a unique and proactive two-way flow of communication between preferred Encompass customers and PHH Mortgage. After these customers submit loan information into Encompass360, that information is matched instantaneously against pre-determined PHH Mortgage loan criteria and the pricing for the loan is automatically presented on the customer’s Encompass360 screen. 

Customers that are pre-approved by PHH Mortgage can also upload loan applications into the PHH Mortgage Speedy Online Application and Response (S.O.A.R.) loan origination system, lock loans and check loan status in real-time.  The program provides approved customers with seamless synchronization between all loan submissions to PHH Mortgage and the loan conditions and data that are comprehensively stored in the customer’s Encompass360 system.

“Our business partnership and integration with Ellie Mae’s Encompass360 loan origination system is one of the first its kind. It will help clients improve their service delivery to their customers, as well as allow them to help simplify the process of selling their loans in the secondary market,” said Mike Dirrane, executive vice president of sales, PHH Mortgage.  “This relationship is only being offered to a group of preferred Encompass360 customers that have demonstrated their ability to write the quality of business that aligns with PHH Mortgage’s standards,” added Dirrane.

Encompass360 Select customers also benefit from PHH Mortgage’s loan decisions in as little as three business days.  These select originators have the flexibility of functioning as a broker or banker, depending on the transaction, and operating as either a delegated or non-delegated correspondent.  Additional benefits include access to PHH Mortgage underwriters, training, channel decision-makers, exclusive customer service team members, and a dedicated help desk. 

PHH Mortgage offerings within the Encompass360 Select program are presented to program customers who are pre-approved to do business with PHH Mortgage.  Encompass360 Select customers that are not pre-approved with PHH Mortgage may apply through its streamlined application process and will receive a decision in as few as five business days.

“We are very pleased to be adding PHH Mortgage as a lender in the Encompass360 Select program,” says Jonathan Corr, chief strategy officer for Ellie Mae.  “PHH Mortgage stands for the kind of service quality and dedication that our Encompass360 customers expect from their best lenders.  By proactively offering PHH Mortgage’s market-forward pricing and products within Encompass360, Ellie Mae is taking another important step toward expanded efficiency and productivity for our customers, providing more choices and moving toward a more holistic approach that elevates total loan quality.”

About PHH Mortgage
Headquartered in Mount Laurel, New Jersey, PHH Mortgage is the industry’s leading provider of private label outsourcing and one of the top five retail originators of residential mortgages in the United States.¹ A subsidiary of PHH Corporation (NYSE:PHH), PHH Mortgage provides mortgage services to financial institutions, real estate brokers, affinity groups, credit unions, corporations, and government agencies. For additional information about the company and its subsidiaries please visit www.phhmortgage.com.
¹ Inside Mortgage Finance, copyright 2010

About Ellie Mae
Ellie Mae provides enterprise mortgage origination technology solutions for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders. The company's offerings include the Encompass^® and Encompass360™ Mortgage Management Solutions, Encompass CenterWise™ websites and electronic document management services, Encompass Closer™ document preparation services and Encompass Compliance Service. Ellie Mae also hosts the Ellie Mae Network™ that allows mortgage professionals to conduct electronic business transactions with the lenders and settlement service providers they work with to process and fund loans. Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362

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© 2010 Ellie Mae, Inc. All rights reserved. Ellie Mae and Encompass are registered trademarks and Encompass360, Encompass CenterWise, Encompass Closer and Ellie Mae Network are trademarks of Ellie Mae, Inc. in the United States.