Ellie Mae ® (NYSE:ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today announced that Postal Credit Union, Woodbury, Minn., has selected Encompass ® as its mortgage management solution.
Postal Credit Union is a full service financial cooperative with five branches in Minnesota. It is currently the ninth largest credit union in Minnesota with approximately 45,000 members and $550 million in assets.
“When we began looking for a new system, our goal was to increase efficiency by working within a single system rather than going back and forth from one system to another,” said Faith Tholkes, Director of Mortgage Sales at Postal Credit Union. “Ellie Mae provides an end-to-end solution. We expect to increase our productivity by up to 40% thanks to greater efficiency and paperless processing.”
Tholkes added, “Ellie Mae also accommodated our very aggressive implementation period of 60 days. They’ve been great to work with and have provided us with the answers to build and configure our system to our specific needs.”Postal Credit Union is using Encompass and its integrated Encompass Compliance Service™, document management system, product and pricing service and its WebCenter. The company is also taking advantage of Ellie Mae’s Success-Based Pricing model, which allows them to pay for their software and services based on the number of loans they close every month. According to Postal Credit Union, Encompass allows its mortgage business, which is divided into several different offices, to work seamlessly and efficiently by eliminating the need to courier files, use several different systems to complete tasks on a file and seek out management assistance for specific product pricing. “Implementation of new mortgage management systems can be an intimidating process, particularly for smaller lenders,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “We are pleased that we can offer rapid implementation to clients like Postal Credit Union so that they can get up and running quickly and enjoy the benefits of greater efficiency sooner.”