Ellie Mae Expands Total Quality Loan Program to Mortgage Lenders
TQL Delivers Best Practices Workflow to Promote Loan Quality and to Document ATR/QM Compliance
PLEASANTON, Calif. – March 18, 2014 – Ellie Mae® (NYSE: ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today announced that it is expanding the scope of its Total Quality Loan™ (TQL) program to provide mortgage banks, depository banks and credit unions of all sizes a best practices workflow to promote a high level of compliance, loan quality and efficiency.
TQL has also been expanded to help lenders comply with new Ability-to-Repay (ATR) and Qualified Mortgages (QM) requirements. New features enable mortgage lenders to demonstrate the controls that have been put in place to track quality and the steps they have taken to promote compliance, including:
As a part of Ellie Mae’s Encompass mortgage management solution, TQL provides secure, single sign-on and seamless ordering of compliance and verification services. Specifically, TQL makes the following services available on one easy-to-use screen to promote a consistent best practices workflow and reduce errors:
TQL enables lenders to confirm quality in their loan origination processes by:
“Ellie Mae’s TQL program has helped us drive time, cost and redundancy out of the loan origination and sales process,” said AJ Franchi, chief information officer at Gold Star Mortgage Financial Group. “We have been able to reduce post-closing errors by more than 20%, cut loan processing time from 45 to 25 days and move loans off our warehouse line 10 days faster.”
“We believe TQL is delivering on its promise of improving loan quality, compliance and efficiency––all of which create safer, more profitable loans for lenders and investors,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “The new information, verification and documentation capabilities for ATR/QM and an investor-agnostic workflow make TQL even more valuable and accessible to a larger universe of Ellie Mae lender and investor clients.”
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 quality and reliability of the Total Quality Loan program and the benefits that individual lenders and investors may experience. 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, 2013. 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, Inc. (NYSE: ELLI) is a leading provider of on-demand automation solutions for the mortgage industry. The Company offers an end-to-end solution, delivered using a Software-as-a-Service model that serves as the core operating system for mortgage originators and spans customer relationship management, loan origination and business management. The Company also hosts the Ellie Mae Network™ that allows Encompass® users to electronically conduct business transactions with the lenders and settlement service providers they work with to process and fund loans. The Company's offerings include the Encompass and DataTrac® mortgage management software systems.
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.
© 2014 Ellie Mae, Inc. Ellie Mae®, Encompass®, DataTrac®, Ellie Mae Network™ and the Ellie Mae logo are registered trademarks or trademarks of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.
Campbell Lewis Communications