This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CORRECTING and REPLACING Ellie Mae Expands Total Quality Loan Program to Mortgage Lenders

Please replace the release dated March 18, 2014 with the following corrected version due to revisions in the first set of bullet points.

The corrected release reads:


TQL Delivers Best Practices Workflow to Promote Loan Quality and to Document ATR/QM Compliance

Ellie Mae ® (NYSE:ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today announced that it is expanding the scope of its Total Quality Loan™ (TQL) program to provide mortgage banks, depository banks and credit unions of all sizes a best practices workflow to promote a high level of compliance, loan quality and efficiency.

TQL has also been expanded to help lenders comply with new Ability-to-Repay (ATR) and Qualified Mortgages (QM) requirements. New features enable mortgage lenders to demonstrate the controls that have been put in place to track quality and the steps they have taken to promote compliance, including:
  • A central repository for all data, proof of verification and documentation.
  • Additional quality validations for compliance, income verification and documentation.
  • The ability to export proof of ATR/QM to investors and for audit purposes.
  • Greater transparency into the quality of each loan and an ability to understand where the higher risks in your pipeline exist.
  • Dashboards and reports that provide insight to monitor quality at the organizational and individual contributor levels and speak to the lender’s process control and vendor management oversight.

As a part of Ellie Mae’s Encompass mortgage management solution, TQL provides secure, single sign-on and seamless ordering of compliance and verification services. Specifically, TQL makes the following services available on one easy-to-use screen to promote a consistent best practices workflow and reduce errors:
  • Encompass Compliance Service provides automated compliance checks early and often to uncover defects and compliance concerns throughout the origination process.
  • Encompass 4506-T Service provides electronic ordering and income verification of IRS tax return data.
  • Encompass Fraud Service assesses and evaluates early payment default, loss-severity risk, fraud detection scoring and data alerts.
  • Encompass Flood Service validates a property’s flood zone and helps speed the loan process with electronic order and secure transfer of flood risk products.

TQL enables lenders to confirm quality in their loan origination processes by:
  • Auto-reviewing against industry and investor-defined standards.
  • Transforming the loan review process into an “exception-based” process.
  • Providing a digital vault for all verifications and documentations to capture the steps taken to promote quality and compliance.

“Ellie Mae’s TQL program has helped us drive time, cost and redundancy out of the loan origination and sales process,” said AJ Franchi, chief information officer at Gold Star Mortgage Financial Group. “We have been able to reduce post-closing errors by more than 20%, cut loan processing time from 45 to 25 days and move loans off our warehouse line 10 days faster.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.08 0.55%
GOOG $695.81 0.50%
TSLA $234.18 0.80%
YHOO $35.97 -0.11%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs