Prospect Mortgage Selects Ellie Mae's Encompass Mortgage Management Solution
Compliance with new regulations, broad industry adoption were driving factors behind decision
PLEASANTON, Calif. – January 19, 2016 – Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today announced that Prospect Mortgage has selected and implemented Ellie Mae’s Encompass all-in-one mortgage management solution as its mortgage lending platform.
Headquartered in Sherman Oaks, California, Prospect Mortgage is one of the nation’s largest independent residential retail lenders. With approximately 2,000 employees serving over 190 licensed locations across the country, Prospect Mortgage offers first-time homebuyer programs with down-payment assistance, FHA and VA, conventional, jumbo and super jumbo, construction financing and renovation financing.
With new federal mortgage regulations approaching, and an outdated, self-hosted solution, Prospect Mortgage began looking to update its mortgage automation software. Prospect Mortgage leadership said staying compliant with new Truth-in-Lending and RESPA Integrated Disclosure (TRID) regulations set to take effect in October and the need for deep integration with critical vendors and agencies were the most important factors behind their decision to select Encompass. Ellie Mae’s fully integrated solution will provide the sales and ops team with a streamlined end-to-end solution. Encompass offers one system of record that allows mortgage lenders to originate and fund mortgages, improving compliance, loan quality and efficiency in the process.
“We were self hosted and we had done a lot of custom configuration. We were looking to implement a solution that included integration with key vendors but also boasted top-notch compliance,” said Amy Schumacher, Chief Operating Officer, Prospect Mortgage. “We looked at a number of solutions and we narrowed it down to Ellie Mae. In addition to Ellie Mae’s focus on compliance, the solution is widely used in the industry. As our organization grows, we know that we’ll be hiring people already familiar with Encompass technology and they can hit the ground running.”
Schumacher said Prospect Mortgage went live in advance of the “Know Before You Owe” regulatory changes that took effect in October. “TRID is a huge change for the industry. We selected Ellie Mae and less than a year later we have rolled out Encompass to all of our offices with a compliant TRID module.” Schumacher added that by leveraging a robust cloud-based solution, Prospect Mortgage benefits from the flexibility and the capacity for growth over time.
“The fact that more large lenders are implementing Encompass because of its compliance features is a sign of how impactful the regulatory changes are,” said Jonathan Corr, president and CEO of Ellie Mae. “Companies like Prospect Mortgage do not change their mortgage platforms often. Their selection of Ellie Mae demonstrates our ability to help lenders of all sizes achieve quality, efficiency and compliance in every loan they sell. We’re thrilled to work with Prospect Mortgage to help them achieve their goals.”
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more.
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