Ellie Mae Starts 2009 with Record Number of New Loan Applications
More than 30,000 new mortgage applications go through Encompass LOS in one day
Pleasanton, CA—January 12, 2009—Ellie Mae, the leading provider of loan processing software for mortgage bankers, brokers and other third party originators, has announced that during the first full week of 2009, the company saw a record breaking number of new mortgage applications originated through the Encompass Mortgage Management Solution and its ePASS Network, the nation’s most-used residential mortgage transaction platform. One quarter of the nation’s total new originations go through Encompass and ePASS each year.
On January 6th and January 7th, 30,500 new loan applications passed through the Encompass LOS each day, providing evidence of a significant spike in overall mortgage transactions.
“This surge in activity is the result of the Fed’s latest drop in interest rates, as well as pent-up demand, and continues the upswing in refinance activity we saw during the latter part of 2008,” says Jonathan Corr, chief strategy officer for Ellie Mae. “December’s typically a very soft month because of the holidays and the end of the year, but this past December we saw transactions increase over 50 percent from November, in all areas, including credit, title and lender submissions.”
More than 150,000 Encompass customers utilize Encompass and the ePASS Network to connect to lenders and thousands of other partners with whom they do business. By using this solution, bankers and brokers of all sizes can efficiently, economically and securely transmit and receive documents and data, without the use of phones, faxes or email.
The ePASS Network is accessed from within Encompass and uses integrated Web browser technology, transmitting all information in a format that is fully compatible with the partners' systems. The ePASS Network was recently granted patent number 7,444,302 from the United States Patent and Trademark Office.
About Ellie Mae, Inc.
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 quarter of the nation's 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 thousands of 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.
© 2009 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.