Ellie Mae Idea Center Challenge Drives Innovation and Compliance for Mortgage Industry

First Choice Loan Services Inc. Honored for Idea to Increase Compliance Under HMDA Rule;
Prize to be Donated to Autism Speaks and Matched by EllieCares

PLEASANTON, Calif. – March 10, 2016 – A new automated way to provide greater data consistency throughout loan files to reduce risk of user error and increase compliance under the Home Mortgage Disclosure Act (HMDA) rules won top honors at the Ellie Mae® (NYSE: ELLI) Idea Center Innovation Challenge at the Ellie Mae Experience user conference in Las Vegas last week. The idea was proposed by Terry Chung, senior vice president of operations-business solutions, and Joshua Weinberg, senior vice president of compliance, at First Choice Loan Services Inc.

Chung and Weinberg received the $1,000 grand prize for their idea, which they are donating to Autism Speaks. Ellie Mae is making a matching contribution to the charity through its EllieCares employee-inspired community outreach program.

The Idea Center Innovation Challenge gave users of Ellie Mae’s all-in-one Encompass mortgage management solution an opportunity to present the innovations they would like to see added to the product. Out of more than 50 ideas submitted for the competition, six teams were selected to present their business challenge and Encompass solution. Each team had seven minutes to pitch their idea to a panel of Ellie Mae experts including: Jonas Moe, vice president, market strategy; Troy Coggiola, vice president, product management; Troy Tomas, director, solution services; and Ken Kolda, software architect.

“We selected First Choice Loan Services Inc.’s HMDA reporting idea because of its practicality,” said Jonas Moe, vice president of market strategy at Ellie Mae. “With HMDA changes coming up, this is an enhancement we can make to provide more control and peace of mind to our customers as they are faced with regulatory changes.”

“We are honored to have our idea selected by Ellie Mae. Inspired by our shared commitment to giving back, we appreciate the reminders the EllieCares program provides and decided the best way to spend the prize money is to continue to pass it forward,” said Joshua Weinberg, senior vice president, compliance, First Choice Loan Services Inc. “First Choice will be donating the winnings to Autism Speaks, an organization we support regularly.”

Other finalists from Ellie Mae’s Idea Center innovation challenge included:

  • Tony Pietrocola, senior vice president, vLoan and his Big Data Predictive Analytics solution, designed to provide users with greater insight into how macroeconomic trends may impact their business.

  • Crystal Bauer, project manager, New American Funding and her Release/Change Acknowledgement Popup solution, aimed to help Encompass administrators better track and manage their team’s acknowledgment of regulatory and system changes that impact their business.

  • Jamie Schroepfer, business analyst, Leader One and her eFolder Automated Documents feature, designed to increase document consistency while controlling costs and improving user training processes.

  • Konni Rodeghier, senior vice president, lending, First Federal Savings Bank and her idea, Purchase Contract Deadline Tracking, which would implement tracking mechanisms and alerts for multiple deadlines on purchase contracts, empowering users to stay organized and better meet service expectations of customers.

  • Julie Reynolds, project manager, C&F Mortgage Corporation, presented her idea, document Links to eFolder, to incorporate custom link backs within forms for users to more easily access needed information when completing paperwork, improving usability and saving time.

“We believe in innovation by community and that positive changes can happen in the residential mortgage banking industry when we put power into the hands of the people who rely on Encompass to ensure their loans remain compliant,” added Moe. “Each team that shared their idea is driving innovation and ultimately creating greater best practices for themselves and their peers.”

The annual user conference for Ellie Mae clients and partners, Experience 2016 brought together more than 2,000 Encompass users, Ellie Mae product experts, and mortgage industry leaders to share best practices, provide hands-on training, and demonstrate new innovations. To learn more about Experience, please visit https://experience.elliemae.com/.

Submissions made to the Idea Center are vetted by Ellie Mae and taken into consideration for incorporation into the next generation of Encompass. For more information about Encompass and the Ellie Mae Idea Center, please visit http://www.elliemae.com/encompass/encompass-overview.

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.


Erica Harvill
Ellie Mae, Inc.
(925) 227-5913

Alexandra Gardell Kreuter
(646) 428-0618

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