Homeward Residential Joins Ellie Mae's Total Quality Loan Program
PLEASANTON, Calif. – July 9, 2014 – Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today announced that Homeward Residential, Inc., a subsidiary of Ocwen Financial Corp., is participating as an investor in Ellie Mae’s Total Quality Loan (TQL) program.
TQL is designed to further enhance the loan quality, compliance and salability of loans that are originated through Ellie Mae’s Encompass® mortgage management solution. TQL offers a suite of services combined with a best practice workflow designed to improve loan consistency and quality. Services include integrated compliance checks, income verification, fraud detection and flood service ordering. A secure, tamper-proof technology enables lenders to share the documentation and data results from those services with investors and other stakeholders in the mortgage supply chain, including proof of Ability-to-Repay (ATR) and Qualified Mortgage (QM) compliance requirements.
“Ellie Mae’s TQL program will assist Homeward in sourcing high-quality, QM-compliant loans even more efficiently by reducing the time, cost and redundant steps in the process,” said Jim Cotton, senior vice president of Correspondent Lending at Homeward. “TQL will also provide a better experience for our correspondent sellers who use Encompass, which currently represent more than half of all of our approved sellers. TQL also will give us more robust data on the loans we are buying and the quality of our counterparties and their vendors, and will give prospects another reason to sell to us.”
“We’re very pleased that Homeward has joined Ellie Mae’s TQL program,” said Jonathan Corr, Ellie Mae’s president and chief operating officer. “Investors can use TQL, and the data it provides to improve overall loan quality and review ATR/QM compliance. At the same time, lenders who participate in TQL have reported decreases in loan suspensions, faster decisions on acquisitions and fewer days on warehouse lines.”
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 ability to utilize TQL to increase loan quality and operational efficiency and ATR/QM compliance. Additional risks and uncertainties related to the Ellie Mae’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, 2013. 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 Homeward Residential
Homeward Residential, Inc. (Homeward), NMLS# 3984, provides a wide spectrum of services to homeowners, mortgage lenders and mortgage investors. Homeward provides its customers with fast, accurate and innovative solutions—and maintains a culture in which its customers and associates are treated with courtesy, dignity and respect.
Homeward’s highly trained mortgage experts are committed to providing personalized service to individual borrowers and mortgage lenders alike. Similarly, Homeward carefully manages investor loan portfolios, providing attentive service and detailed reporting to loan investors.
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 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.
© 2014 Ellie Mae, Inc. Ellie Mae®, Encompass®, DataTrac®, Ellie Mae Network™, Total Quality Loan™, TQL™ and the Ellie Mae logo are registered trademarks or trademarks of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.
Campbell Lewis Communications