Ellie Mae Announces Integration of New Freddie Mac Loan Product AdvisorSM into Encompass
Enhancements to Encompass all-in-one mortgage management solution will enable joint customers to bring greater certainty, operational efficiencies
PLEASANTON, Calif. – May 16, 2016 – Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced that it will integrate Freddie Mac’s Loan Product AdvisorSM into Ellie Mae's Encompass® all-in-one mortgage management solution this summer in conjunction with Freddie Mac's phased rollout of their Loan Advisor SuiteSM. Freddie Mac (OTCQB:FMCC) is one of the nation’s largest investors in residential mortgages and makes home possible for one in four home borrowers.
The Loan Advisor Suite is designed to give Freddie Mac customers quick access to loan data and Freddie Mac's full array of loan production and delivery tools through a single sign-on portal and/or their loan origination system. Loan Product Advisor, the next generation of Loan Prospector®, is the cornerstone of the Loan Advisor Suite. The integration of Loan Product Advisor into Ellie Mae's Encompass as soon as it is released by Freddie Mac will allow Ellie Mae customers to originate loans within Freddie Mac guidelines more easily and with greater certainty, taking immediate advantage of the new features Freddie Mac is bringing to market.
"We are very pleased with the progress we've made so far with Ellie Mae and are looking forward to the enhancements to Encompass coming this summer," said Andy Higginbotham, Senior Vice President of Single-Family Strategic Delivery at Freddie Mac. "Having Encompass tightly integrated with our industry leading Loan Advisor Suite will bring greater certainty and significant operational efficiencies to our lender customers."
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. Encompass is used by more than 180,000 contracted and thousands of lenders and partners, including seven of the 25 largest U.S. mortgage lenders.
"At Ellie Mae, our mission is to provide our lenders with innovative solutions that improve their efficiency at every step in the mortgage process," said Joe Tyrrell, executive vice president at Ellie Mae. "By working alongside Freddie Mac to improve the way lenders work with their Loan Product Advisor through Encompass we can offer our customers a better and more streamlined process, making it easier for them to do business with Freddie Mac."
This press release contains forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include the enhanced functionality and advantages of the Encompass integration with Freddie Mac’s Loan Advisor Suite technology tools. Additional risks and uncertainties related to the Company’s business are discussed in the Company’s Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Unless otherwise required by applicable laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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 Freddie Mac:
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
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