Ellie Mae Awarded Patent for Innovative ePASS Technology
Industry’s premier platform enabling secure online transmission of loan data is now protected by U.S. Patent
PLEASANTON, CA—November 3, 2008—Ellie Mae, the leading provider of loan processing software for mortgage brokers, bankers and other third party originators, has announced that the United States Patent and Trademark Office has issued the company a patent for the exchange of data between mortgage originators and their lender and settlement service partners. The patent was granted to Ellie Mae’s ePASS technology, an innovative platform that allows loan originators to transmit mortgage information via the Internet, to lenders and other partners, directly from the originators’ loan origination software. With ePASS, which uses integrated web browser technology, all information is transmitted in a format that is fully compatible with the partners' systems.
The patent—U.S. Patent number 7,444,302 entitled “Online System for Fulfilling Loan Applications from Loan Originators”—was issued on Oct. 28, 2008, and represents the first in a series of patent applications filed by Ellie Mae to protect its proprietary loan origination systems and its innovations in business-to-business commerce in the mortgage industry. Launched in 2001, Ellie Mae’s ePASS now has more than 2,000 unique partners, and also enables users to send secure orders to any appraiser or title company in the United States. Year to date, more than seven million transactions have been transacted through the ePASS platform. The company’s flagship technology, the Encompass Mortgage Management System—in conjunction with ePASS—connects 150,000 users to transact more than $5 billion in mortgages a month, and continues to provide mortgage businesses with the tools to succeed in any economic climate.
“We have developed many technical innovations to advance a paperless mortgage transaction, and the issuance of this patent reflects this effort,” said Limin Hu, Ellie Mae’s chief technology officer, “We respect the intellectual property rights of others and will continue to seek protection for the innovations developed at Ellie Mae to protect our investment in research and development. Over the coming months, we plan to explore the best ways to realize the value of this patent for Ellie Mae and its shareholders.”
About Ellie Mae
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 third 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, visit www.EllieMae.com or call 877.355.4362.
2008 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.
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