Ellie Mae Enhancements to Encompass All-In-One Mortgage Management Solution Further Automate the Loan Origination Process and Fannie Mae's Delivery of Day 1 Certainty™ to Lenders
New workflow improves efficiency, transparency and certainty for loan delivery
PLEASANTON, Calif. – October 24, 2016 – Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today several new enhancements to Ellie Mae’s Encompass® all-in-one mortgage management solution to automate the loan origination process and support Fannie Mae’s Day 1 Certainty™, giving lenders increased process efficiency and representations and warranties relief on certain components when validated by a third-party vendor.
Ellie Mae and Fannie Mae continue to collaborate by providing joint clients with enhanced functionality that helps ensure loans meet Fannie Mae requirements from eligibility to loan delivery. The enhancements include a new automated workflow for Desktop Underwriter® (DU®), the industry’s leading automated underwriting system, and EarlyCheck™, which helps lenders identify and correct loan issues before delivery to Fannie Mae. Today, lenders are able to configure milestones and key data changes where automated submissions can be made. This improves efficiency, keeps data in sync, and reduces errors at loan delivery.
“At Ellie Mae, we focus on providing our lenders with innovative solutions for automating the complete loan process while offering the highest level of compliance, loan quality and efficiency,” said Joe Tyrrell, executive vice president at Ellie Mae. “Through these enhancements to Encompass, Ellie Mae is supporting lenders who do business with Fannie Mae by more deeply imbedding industry leading tools including DU and EarlyCheck into an integrated workflow to drive efficiency and help ensure loans meet their requirements throughout the entire loan cycle.”
In addition, Ellie Mae fully supports Fannie Mae’s delivery of Day 1 Certainty™, including the new income, asset and employment data validation solutions delivered through Desktop Underwriter. Encompass facilitates both the ordering of services from Equifax (including The Work Number®), and FormFree, as well as the process to activate the new income and asset messages in DU. The integration of these services with DU, which will help drive efficiency and certainty for customers, will be ready for Encompass customers concurrently with Fannie Mae availability.
Finally, later in the fourth quarter of 2016, Ellie Mae will launch an integration to Fannie Mae’s Uniform Closing Dataset (UCD) collection service. This will allow lenders to seamlessly deliver the UCD dataset to Fannie Mae well ahead of the September 2017 mandate.
“Ellie Mae has consistently been both an early adopter and partner in developing and deploying technology solutions that are strategic to Fannie Mae,” said Henry Cason, Senior Vice President, Fannie Mae. “We are excited to be extending our enhancements within Encompass to better serve our joint customers by enabling a more automated and certain loan production process.”
Ellie Mae’s Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage. Ellie Mae has approximately 193,000 contracted users of Encompass, including seven of the 25 largest U.S. mortgage lenders.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call 877.355.4362 to learn more.
About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.
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