Ellie Mae and Wells Fargo Streamline Mortgage Technology Workflows
New process will enable Ellie Mae and Wells Fargo joint customers to increase efficiency through streamlined loan data delivery
PLEASANTON, Calif. – May 16, 2016 – Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today it has developed a process with Wells Fargo to enable joint customers to deliver loan data in a streamlined, efficient and secure manner.
The process helps facilitate loan data directly from Ellie Mae’s Encompass® all-in-one mortgage management solution to Wells Fargo with a single click. Today, upon completion of a loan, lenders typically export the completed data from their LOS and then take several steps to upload the data to a dedicated secure Wells Fargo portal. Going forward, the process with Encompass will eliminate the need to download and upload loan data in multiple locations, and instead provide a seamless transfer of data directly from Encompass to Wells Fargo. Additionally, the process helps to ensure that the data is accurate, organized and securely transmitted.
Ellie Mae’s Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage. Ellie Mae has approximately 180,000 contracted users of Encompass, including seven of the 25 largest U.S. mortgage lenders.
"At Ellie Mae, our mission is to provide our lenders with innovative solutions throughout the entire loan process," said Joe Tyrrell, executive vice president at Ellie Mae. "Through this new process, we will make it even easier for our joint customers to sell loans and deliver loan data directly to Wells Fargo, while helping to ensure the highest levels of compliance, quality and efficiency."
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 Ellie Mae’s ability to build functionality to transfer loan data from Encompass to Wells Fargo. 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, 2015, as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. 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 (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.
About Wells Fargo:
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
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