Ellie Mae ® (NYSE: ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today announced that PHH Mortgage Corporation (“PHH Mortgage”), a subsidiary of PHH Corporation (NYSE:PHH), is participating in Ellie Mae’s Total Quality Loan (“TQL”) program for loans originated through its correspondent lending channel.
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 and secure, tamper-proof technology that enables users to share the findings and data from those services with investors and other stakeholders in the mortgage supply chain. In turn, investors are able to leverage the findings and data to improve their purchasing processes and acquire higher quality mortgage assets. The lenders participating in TQL have reported significant decreases in loan suspensions, faster decisions on acquisitions and fewer days on warehouse lines.
In 2013, PHH Mortgage closed approximately $5 billion in loans through its correspondent lending channel and was ranked the 12 th largest correspondent lender in the country by Inside Mortgage Finance.
“TQL brings two key benefits to us: it will help improve the quality of the loans that we’re purchasing and deliver streamlined efficiencies—for PHH Mortgage and our clients,” said Len Patton, channel president of Correspondent Lending at PHH Mortgage. “A large portion of our clients use Ellie Mae’s Encompass mortgage management solution. TQL will enable them to order the fraud and verification services that we require and take full advantage of delegated delivery. Meanwhile, we won’t be doing double work, which will add to our operational efficiency.”“We’re very pleased that PHH Mortgage is adopting Ellie Mae’s TQL program and we look forward to launching their access within TQL in the coming months. The continued acceptance of the TQL principles of compliance, quality and efficiency by top investors, such as PHH Mortgage, provides great benefit to not just our lenders and investor partners, but also to their borrowers,” said Jonathan Corr, Ellie Mae’s president and chief operating officer. “In 2014, we are excited about the new features we will be adding to TQL which will provide even further value to our TQL participants.”