Fannie Mae and Ellie Mae Expand Strategic Partnership
Mortgage industry leaders will further integrate technology, providing joint clients with seamless, automated workflows, transparency and certainty when selling loans to the GSE
PLEASANTON, Calif. – July 21, 2015 – Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today it has entered into a strategic partnership with Fannie Mae, the leading source of residential mortgage credit in the U.S. secondary market, to further integrate Fannie Mae’s suite of risk management tools into Encompass®, Ellie Mae’s all-in-one mortgage management solution.
Fannie Mae and Ellie Mae will collaborate to provide joint clients enhanced functionality that will help ensure loans meet Fannie Mae requirements from eligibility to loan delivery. Fannie Mae provides a number of leading technology tools to help lenders improve the quality of loans they originate including Desktop Underwriter® (DU®), the industry’s leading automated underwriting system; Collateral Underwriter™, an automated risk assessment tool for appraisals; and EarlyCheck™, which helps lenders identify and correct loan issues before delivery to Fannie Mae. Joint customers will be able to leverage Ellie Mae and Fannie Mae leading technologies from within a unified workflow environment in Encompass, giving lenders a more efficient process for delivering quality loans to Fannie Mae with greater certainty.
Ellie Mae’s Encompass enables banks, credit unions and mortgage lenders to create and fund mortgages and improve compliance, loan quality and efficiency. Encompass is used by more than 120,000 mortgage professionals and thousands of mortgage companies, including six of the 20 largest U.S. mortgage lenders.
“Our focus at Ellie Mae is to provide our lenders with innovative solutions for automating the entire loan process while ensuring the highest level of compliance, loan quality and efficiency,” said Joe Tyrrell, executive vice president at Ellie Mae. “Our strategic partnership with Fannie Mae will make it even easier for our lenders to do business with Fannie Mae through a complete workflow that covers the entire loan cycle, from application to post-closing.”
“We share a common goal with Ellie Mae, which is to provide best-in-class tools to our lenders,” said Steve Pawlowski, senior vice president of strategic initiatives and business solutions at Fannie Mae. “By partnering with Ellie Mae, we will leverage our combined technological innovation and expertise to create even greater automation and transparency. Together, we will provide our customers with greater certainty and access to technology that makes it easier to do business with us. We look forward to working with Ellie Mae to enhance our value to lenders and help them succeed.”
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 enhanced functionality and advantages of the Encompass integration with Fannie Mae suite technology tools. 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, 2014, 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. Ellie Mae’s all-in-one Encompass® mortgage management solution provides one system of record that allows banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
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