Dover Mortgage Deploys Ellie Mae's Encompass LOS

Company can now handle four times the loan volume without additional staffing

PLEASANTON, CA—February 12, 2008—Ellie Mae, an award-winning provider of innovative software and services for the mortgage industry, has announced that Charlotte, North Carolina-based Dover Mortgage has deployed Ellie Mae’s Encompass Banker Edition mortgage management solution in a successful endeavor to support its growth phase during the industry’s climate of shrinking profits. By switching to Encompass, Dover Mortgage has lowered per loan costs and can now handle four times the volume with the same level of staff, while also giving loan officers the ability to originate loans from any location. Dover Mortgage reports higher profits and compliance levels, faster product changes and closings, and a reduction in human error as the result of its transition to the Encompass mortgage management solution.

Dover Mortgage has 28 originators and is growing despite the market decline. “This market has really put the squeeze on profit levels, but we’ve still been able to grow the company and reach lower per loan costs, thanks to Encompass,” explains Harvey Goldberg, president of Dover Mortgage. “We’ve not only increased efficiency, accuracy and speed, we’ve also done so with more convenience than with any other technology solution we’ve used. Before Encompass, we had three systems that funneled into our closing department and in the end everything needed to be entered manually. Now we have everything done automatically and without human error, so we can close loans faster than ever before. With Encompass, we can do about four times more loans with the same amount of staff.”

Dover Mortgage’s plans for growth and profitability involved a significant shift in the company’s personality, something that was made possible with the Encompass solution’s capabilities for centralization. “Part of our choice to use Encompass was driven by our plans to change the landscape of the company from a location-based organization to a more mobile and fluid operation,” adds Goldberg. “Encompass enables centralized loan operations, so we’ve been able to close some of our physical offices and give our loan officers the freedom of using a laptop and working closer with their customers, rather than being stuck in an office. That change has made a significant and positive difference that benefits our customers, our originators and the company as well.”

“Dover Mortgage has shown how great planning and smart choices can bring higher profitability and better positioning, even at a time when the industry itself is finding profitability to be challenged,” states Jeff Benjamin, vice president of Ellie Mae’s Banking Division.

Dover Mortgage transitioned to the Encompass mortgage management solution from its DOS-based system in October 2007 and the implementation took just two months from start to finish.

“We couldn’t be happier with Encompass Banker Edition,” states Goldberg. “The efficiencies have been immeasurable. Every aspect of the mortgage process has been changed as a result of Encompass. In shrinking markets, we need to be more efficient to be more competitive, and Encompass allows us to do that. Inefficiency is costly, especially when the values of loans are very low. Thanks to Encompass, we have lowered costs, which in turn enables us to offer a better deal for our customers.”

About Ellie Mae

Ellie Mae is an award-winning provider of software and services for the mortgage industry, offering comprehensive business solutions for mortgage brokers, mortgage bankers and lenders. The company's key offerings include the flagship Encompass Mortgage Management Solution, the Encompass WebCenter, Electronic Document Management (EDM), 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 is recognized for linking the many parties critical to the mortgage origination industry through its ePASS Network. One third of the nation's almost $2 trillion in new mortgages originated every year pass through the ePASS platform, enabling mortgage companies to easily conduct electronic business transactions with dozens of leading lenders and thousands of settlement service providers. 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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2008 Ellie Mae, Inc. All rights reserved. Ellie Mae, Encompass, and ePASS are registered trademarks and Encompass CenterWise, and Ellie Mae Closer are trademarks of Ellie Mae, Inc. in the United States.

Press Contact:

Rosalie Berg
Strategic Vantage for Ellie Mae
(305) 971-5352
pr@strategicvantage.com

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