October 24, 2005
Ellie Mae Helps Mortgage Brokers Lower Processing Costs through New Encompass Processing Network
E-OPS Loan Processing Becomes First Integrated Provider
DUBLIN, CA—October 24, 2005—Ellie Mae, an award-winning provider of innovative software and services for the mortgage industry, has announced the launch of its Encompass Processing Network, which will enable Encompass users to easily outsource loan processing services from within Encompass to reduce mortgage processing costs and increase efficiency.
In an industry where contract processing services have not been easy to leverage, the Encompass Processing Network will provide mortgage originators instant access to trusted domestic and offshore loan processing services through a few clicks within Encompass. The system is designed to make it easier than ever to leverage trusted contract processing services on an as-needed basis.
"Imagine having instant access to a virtually limitless resource of talented, knowledgeable, and reliable processors who improve efficiency and lower operating costs by more than 35 percent," states Joseph Puthur, Director of Hosted and Professional Services at Ellie Mae. "Finding and hiring the right processor is a real challenge for today's broker, who must meet growing demands of origination and compliance. In addition, finding resources to fill fluctuating demands can prove to be time-consuming and costly. By leveraging the Encompass Processing Network and participating partners, brokers using Encompass are able to instantly connect with the needed processing resources to help ensure that speed and customer satisfaction are never compromised."
E-OPS Loan Processing is one of the first service providers to be integrated within the Encompass Processing Network. "To successfully launch this initiative, Ellie Mae has invested much time and energy to identify companies with the infrastructure and resources to provide exceptional loan processing services to its customers," adds Puthur. "Not only does E-OPS have the bandwidth to handle a huge influx of loans, the company also has proven its ability to deliver the highest quality processing services at excellent per-loan rates."
The Encompass Processing Network will enable originators to easily submit a file to E-OPS for loan processing. Originators will simply select E-OPS from the "Services" tab within Encompass, and with two mouse clicks will be able to submit files for processing without the time or expense of having to courier files. As the processors gather documents needed for processing and closing the loan, a single electronic loan file is maintained in which all pay stubs, disclosures and forms are imaged and sorted. When processing is completed, the loan file is returned electronically to the originator, enabling mortgage originators to maintain a paperless loan file.
E-OPS processes conventional, FHA, VA, prime, and sub-prime loans, and claims to offer the country's fastest and most inexpensive loan processing services. "Our processing fees average approximately half of those of other outsourced processing services, and are less costly than in-house processors," explains Joe Machado, Chief Executive Officer at E-OPS Loan Processing. "Thanks to around-the-clock processing, skilled processors and cutting-edge technology, we also process loans approximately 40 percent faster than any other available alternative."
The Encompass Processing Network will be accessible exclusively to Encompass users, as Encompass is uniquely designed to enable the collaboration required for originators to have their loan files seamlessly processed by third parties. It is scheduled for release by the end of the year.
User response to the new partnership between Ellie Mae and E-OPS Loan Processing has been very positive. "We've been using Encompass for over a year now, and we've found that they are continually updating it with great new features," states Jackie Pareja, President of Welcome Home Financial based in Hollywood, Florida. "We're also users of E-OPS Loan Processing, so it is fabulous to hear that Encompass will be making it seamless for Encompass users to outsource loan processing through E-OPS. This should shave a few steps from our loan process, and make it all the easier to take a loan from origination through closing."
Outsourced processing offers brokerages many benefits. For instance, companies can experience variations in their loan volume without the limitations inherent in fixed staffing. Whether business is slow or very busy, originators can always close loans quickly without ever worrying about whether an in-house processor is under-worked or over-burdened, nor are there any concerns about deadlines not being met due to vacation days, sick time, maternity leave, etc. Furthermore, companies can operate from anywhere without having to support local processors.
"We're a loan production branch for First National Mortgage Sources in the process of setting up a nationwide virtual mortgage consultant program," explains Scott Rudolph, Doylestown Branch Manager for First National Mortgage Sources based in Overland Park, Kansas. "Our strategy is to originate loans from anywhere, at any time, with utmost efficiency. As such, we rely on the web-based Encompass Anywhere, and have outsourced our loan processing to E-OPS. Independently, these two solutions are enabling our company to originate and process loans extremely cost-effectively in a totally paperless environment. Once E-OPS is integrated into the Encompass Processing Network, it will be even easier to take a loan from origination through closing. I'll simply order processing right from within Encompass without ever having to re-enter any data."
About Ellie Mae, Inc.
Ellie Mae is an award-winning provider of software and services for the mortgage industry, which was recently named to the Inc. 500 list of America's fastest growing private companies. Ellie Mae provides a comprehensive line of products and services including the company's flagship Encompass® mortgage automation system, Contour™ and Genesis 2000® loan origination software, Encompass Websites™ for mortgage brokers, and Ellie Mae Docs™ services for document processing. Ellie Mae's ePASS® Network is the mortgage industry's online transaction platform enabling all mortgage companies in the United States to easily do business online with dozens of leading lenders and thousands of settlement service providers. Ellie Mae is based in Dublin, California. To learn more about Ellie Mae, visit www.elliemae.com or call (888) 955-9100.
About E-OPS
E-OPS is the world's first around-the-clock offshore paperless mortgage processing service. A revolutionary service, it empowers brokers and loan officers to close loans more quickly, with less hassle, and at a lower cost. The vision of mortgage industry veterans, E-OPS represents a leap forward for loan processing. E-OPS is based in Miami, Florida, and can be visited online at www.EOPS.cc.
###
Ellie Mae, Encompass, ePASS, and Genesis 2000 are registered trademarks, and Contour, Executive Websites, and Ellie Mae Docs are trademarks, of Ellie Mae, Inc. All rights reserved.
|
Media Contacts: |
User Contact Information Scott Rudolph Branch Manager First National Mortgage Sources, LLC (215) 525-1167 x 2 Scott@USMortgageLender.com |
© 2005. GKM Management LLC. All Rights Reserved.
