1st Mariner Bank Enhances Data Quality and Saves Money with Ellie Mae's Encompass Banker Edition Mortgage Management Solution
Technology quickly saves mortgage banker "tens of thousands of dollars"
Pleasanton, CA—January 26, 2009—Ellie Mae, the leading provider of loan processing software for mortgage bankers, brokers and other mortgage originators, announces that 1st Mariner Bank, a Baltimore-based retail mortgage banker with 17 branch offices throughout Maryland, Massachusetts, North Carolina and Virginia, has achieved higher data quality while also safeguarding against potentially costly errors, all as the result of deploying the Encompass Mortgage Management Solution Banker Edition.
“With Encompass Banker Edition, we can do much more, more accurately, in much less time,” says Tom Reese, vice president of mortgage technology for 1st Mariner Bank. “The system’s customizability and automation is easily saving us tens of thousands of dollars each year. Our data quality has been significantly enhanced, and now we can accommodate increased production without any additional staff. We’re really pleased with it.”
In addition to higher data quality and better capacity for growth, Reese also cites the ability to build custom business rules as one of the biggest benefits of Encompass Banker Edition. “The system’s customizability allows us to safeguard our business processes,” he says. “With Encompass Banker Edition, we can create our own business rules so that the system alerts us if we are missing any items, whether that’s payment for an appraisal or credit report, or other documentation needed to close the loan compliantly. The best part is that these business rules can be created according to our own agenda, not according to a generic process or cycle. We’re alerted to any missing information prior to progressing to the next step. It’s like having a safety net that ensures we meet both internal and external guidelines and regulations.”
1st Mariner Bank has been running Encompass Banker Edition company-wide since March 2008. So far, over 200 mortgage bankers nationwide have implemented the Encompass Banker Edition since its launch roughly two years ago. In a slowing market where businesses are paring down rather than building up, Encompass Banker Edition has continued to gain market share as more of today’s mortgage bankers seek ways to run more efficiently and cost effectively.
“Smart bankers like 1st Mariner are getting rid of outdated systems that cost them money, and instead are implementing technologies that cut costs, both immediately and over time,” explains Jonathan Corr, chief strategy officer of Ellie Mae. “Bankers are always going to value enhanced transparency, efficiency, accuracy, and speed because those elements are the foundation of building and sustaining profitability. Encompass Banker Edition enables users to do more in less time while quickly responding to market changes. That adds up to significant cost savings in any economy.”
About Ellie Mae, Inc.
Ellie Mae is an award-winning provider of software and services for the mortgage industry, offering comprehensive business solutions for mortgage bankers, mortgage brokers and lenders. The company's key offerings include the flagship Encompass® Mortgage Management Solution, Encompass CenterWise™ and Encompass Closer. More than 150,000 mortgage professionals use the Encompass Mortgage Management Solution, including two-thirds of the nation’s top 300 brokers and nine of the top 10. Ellie Mae, recipient of the prestigious Inman Award as the most innovative company in the mortgage industry, is recognized for developing technology that links the many parties critical to the mortgage origination industry through its ePASS® Network. One quarter of the nation's almost $2 trillion in new mortgages originated every year pass through the ePASS platform, enabling mortgage companies to easily and securely conduct electronic business transactions with dozens of leading lenders and more than 2,000 settlement service providers. Ellie Mae is also the parent of Online Documents, the industry’s leading provider of flexible, compliant electronic mortgage documents and related services for the mortgage industry. Ellie Mae was founded in 1998 and is based in Pleasanton, California. To learn more about Ellie Mae, visitwww.EllieMae.com or call 877.355.4362.
© 2009 Ellie Mae, Inc. All rights reserved. Ellie Mae, Encompass, and ePASS (patent No. 7,444,302) are registered trademarks and Encompass CenterWise, and Encompass Closer are trademarks of Ellie Mae, Inc. in the United States.