Ellie Mae Collaborates With First Title to Provide The Industry's First Pre-GFE Access to Instant and Exact Closing Fees
The collaboration enables Encompass users to avert good faith estimate inaccuracies that can lead to lost loans and compliance violations
DUBLIN, CA and ROCKVILLE, MD—April 25, 2007—Ellie Mae, an award-winning provider of innovative software and services for the mortgage industry, and First Title and Escrow, Inc. (First Title), a nationwide provider of title and closing services to mortgage lenders and brokers, have announced an industry-first collaboration agreement that will enable users of Ellie Mae's Encompass Mortgage Automation System to receive instant and exact closing fees, directly from First Title, prior to printing the good faith estimate (GFE). Because these figures are imported at an early stage in the loan, originators can price their loans more accurately earlier, streamline the origination process, and avert the possibilities of fee inaccuracies that can result in lost loans or costly compliance violations.
The closing fees provided by First Title include abstract fees, title premiums, recording and release fees, closing fees, and city, county and state transfer taxes. The figures are not only exact and instantly available, but are also able to be imported directly into users' Encompass files from First Title's Web interface, www.FirstTitleServices.com. The Encompass system automatically populates the fees into the good faith estimate, saving the customary excessive time and effort involved in acquiring the figures manually. Without direct integration between providers of closing fees and the brokers' or lenders' loan origination systems that incorporate those fees into the good faith estimate, loan professionals are left to channel through multiple sites and make numerous phone calls to secure the fee information associated with their loans. As a result, many loan professionals are forced to make estimates that could result in lost loans or potentially costly compliance violations.
"This collaborative arrangement is an absolute necessity in order to comply properly with RESPA and good faith estimate regulations," states Gloria Freifeld, CEO of Clearwater, Florida-based Superior Mortgage Group, LLC, the first mega-user of the Encompass/First Title GFE fee system. "We're using the service and it performs exactly the way First Title and Ellie Mae said it would. We couldn't be more pleased with the impact on our compliance and accuracy levels."
By working together, Encompass and First Title are empowering users to reduce the processing costs associated with faxes, phone calls, emails and data entry errors. "This collaboration is going to transform the arduous, error-prone and time-consuming way that originators and processors have had to secure fee information," states Jonathan Corr, chief strategy officer of Ellie Mae. "Our single, unified solution provides all of the critical elements of a comprehensive, effective data integration solution, instantly, at the point origination."
In addition to delivering the impact of higher accuracy to the individual broker and lender, the collaboration also holds implications for enhancing compliance industry-wide. "First Title is excited to be able to offer its products to the incredible number of Encompass users through the ePASS Network and Encompass," said Stephen Papermaster, President and CEO of First Title. "Together with Ellie Mae, we're providing a solution that can really make a difference in compliance for the entire industry. With the existing and future product lines of both companies, we see Encompass as an ideal partner to continue providing solutions that benefit individual users as well as the industry as a whole."
"For the past year, Ellie Mae has provided Encompass users with the consistent innovation and quality enhancements that respond to the needs of today's lenders and brokers," adds Corr. "By partnering with companies like First Title, we are expanding our offerings even further to help Encompass users achieve higher production every day."
About Ellie Mae, Inc.
Ellie Mae, an award-winning provider of software and services for the mortgage industry, offers a comprehensive line of loan origination solutions including the company's flagship Encompass® Mortgage Automation System, as well as Contour™ The Loan Handler® and Genesis 2000®. Ellie Mae's loan origination solutions are used by over 50 percent of the nation's estimated 50,000 mortgage originators. Encompass is deployed by over half of the nation's top 250 brokerages, including seven of the top ten. Integrated in these loan origination systems is Ellie Mae's ePASS Network, the industry's most-used online transaction platform, processing over one third of the nation's $3 trillion in loans. Winner of the 2007 Mortgage Technology Synergy Award for enabling seamless end-to-end e-commerce, the ePASS Network enables mortgage companies to easily do business online with dozens of leading lenders and thousands of settlement service providers. Ellie Mae is based in Dublin, California, and can be found online at www.elliemae.com or by phone at (888) 955-9100.
About First Title & Escrow, Inc.
First Title & Escrow is a full service company dedicated to providing exceptional title insurance, real estate closing and related services to lenders, brokers and purchasers around the country. First Title is licensed to write title insurance for residential or commercial real estate transactions in 41 states, and performs non-title insurance transactions, appraisals and settlement services in all 50 states. For more information about First Title, visit www.firsttitleservices.com or contact Jeff E. Jurin, National Accounts at firstname.lastname@example.org or (301) 315-8169.
Ellie Mae, Encompass, ePASS, and Genesis 2000 are registered trademarks, and Contour, Executive Websites, and Ellie Mae Docs are trademarks, of Ellie Mae, Inc. All rights reserved.
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