Ellie Mae ® (NYSE: ELLI), a leading provider of enterprise-level, on-demand automated solutions for the residential mortgage industry, today announced that New American Funding, Tustin, Calif., has selected Encompass360 ® as its mortgage management solution.
New American Funding is a retail and wholesale mortgage lender operating in 22 states and funding approximately $400 million a month in loans. It became an approved servicer for both Fannie Mae and Freddie Mac in 2012 and is currently servicing a portfolio of approximately $2 billion.
New American Funding is utilizing Encompass360 and its integrated Encompass Compliance Service™ under Ellie Mae’s Success-Based Pricing model, which allows them to pay for Encompass360 based on the number of loans they close every month, Ellie Mae said.
“Having compliance totally integrated with our LOS was a major driver in our selection process,” said Erin Forbes, CMB, Director of Compliance/Servicing at New American Funding. “We looked at a number of different LOSs, but none were as robust as Encompass360.”New American Funding is still in the early days of implementation and customizing the solution for its needs, Ms. Forbes says. “With Encompass360, we’re far more efficient and expect to go paperless by the end of this quarter.” “Today, depending on where you are originating, there are approximately 350 different federal, state and local regulations that could come into play,” said Jonathan Corr, Ellie Mae’s president and chief operating officer. “Prudent, forward-looking lenders like New American Funding understand the value of automated compliance and the economic advantages of Ellie Mae’s SaaS business model.” About Ellie Mae Ellie Mae, Inc. (NYSE: ELLI) is a leading provider of on-demand automation solutions for the mortgage industry. The Company offers an end-to-end solution, delivered using a Software-as-a-Service model that serves as the core operating system for mortgage originators and spans customer relationship management, loan origination and business management. The Company also hosts the Ellie Mae Network™ that allows Encompass ® users to electronically conduct business transactions with the lenders and settlement service providers they work with to process and fund loans. The Company’s offerings include the Encompass, Encompass360 ® and DataTrac ® mortgage management software systems. Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362. © 2013 Ellie Mae, Inc. Ellie Mae ® , Encompass ® , Encompass360 ® , DataTrac ® , Ellie Mae Network ™, Encompass Compliance Service™ 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.