Ellie Mae Announces Pricing Option for Encompass360™
“Success-Based Pricing” model offers lenders zero-cost per-loan technology option when fees are passed to borrowers as part of lenders’ origination, document preparation and processing fees
PLEASANTON, CA – July 13, 2010 – Ellie Mae®, the enterprise mortgage origination technology provider for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders, announced today a pricing structure available to customers of Encompass360™ Mortgage Management Solution Banker Edition. In addition to its hosted and licensed models, Encompass360 Banker Edition is available as a “Success-Based Pricing” model. With this model, customers do not have to purchase the technology. Instead, they pay a fee—which may be passed to the borrower, to the extent permissible by law, as part of the lender’s origination, document preparation and processing fees—for each closed loan.
“Encompass360’s Success-Based Pricing gives us the same access to all the bells and whistles—like loan officer websites to communicate with borrowers, closing tools and automated loan origination compliance checks—all without a long-term investment," says Encompass360 customer Joe Cuttone, owner and CEO of American Fidelity Mortgage Services. “We're a medium sized company with a system that rivals any solution in the industry—and that includes the technologies used by the big players. It really makes economic sense for us.”
All Success-Based Pricing customers have the exact same fully integrated access to Encompass360’s comprehensive set of features that licensed-pricing customers have, including private-labeled borrower-facing websites, electronic disclosures and eSigning, electronic document management technologies, Encompass Closer™ document preparation services, and Encompass Compliance Service automated compliance technologies. Customers opting for Success-Based Pricing may order an unlimited number of disclosures and closing documents may be drawn as many times as is needed, all for no extra charge. There are no or minimal upfront fees for new Banker Edition customers to get started using Encompass360 Success-Based Pricing. Nominal monthly fees are required if closed loan minimums for such month are not met and the per-closed loan fee may be based, in part, upon the number of originators per customer company.
“Encompass360 and its Success-Based Pricing have made our accounting processes much easier,” says Eddy Perez, president of Equity Loans. “We get the economy of a per-transaction fee structure combined with the convenience of all-in-one pricing for a series of related services. We used to pay separate fees for origination, doc and processing services. With Success-Based Pricing, because monthly minimums are met, we simply pay one fee per loan with no payments accrued until the transaction closes.”
“Some of our customers asked for the type of flexibility and business control that comes with this type of pricing, so we are providing it to them,” says Jonathan Corr, chief strategy officer for Ellie Mae. “Ellie Mae has always had a strong commitment to helping customers do more and better business. This is a win-win pricing model where our customers’ success becomes our success. We’re giving our customers one more way to do business in a way that makes most sense for them, while they’re still getting a footprint of capabilities that span the full spectrum of the mortgage loan origination cycle.”
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.
© 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.
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