Ellie Mae ® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today announced that Homeward Residential, Inc., a subsidiary of Ocwen Financial Corp., is participating as an investor in Ellie Mae’s Total Quality Loan (TQL) program.
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 combined with a best practice workflow designed to improve loan consistency and quality. Services include integrated compliance checks, income verification, fraud detection and flood service ordering. A secure, tamper-proof technology enables lenders to share the documentation and data results from those services with investors and other stakeholders in the mortgage supply chain, including proof of Ability-to-Repay (ATR) and Qualified Mortgage (QM) compliance requirements.
“Ellie Mae’s TQL program will assist Homeward in sourcing high-quality, QM-compliant loans even more efficiently by reducing the time, cost and redundant steps in the process,” said Jim Cotton, senior vice president of Correspondent Lending at Homeward. “TQL will also provide a better experience for our correspondent sellers who use Encompass, which currently represent more than half of all of our approved sellers. TQL also will give us more robust data on the loans we are buying and the quality of our counterparties and their vendors, and will give prospects another reason to sell to us.”
“We’re very pleased that Homeward has joined Ellie Mae’s TQL program,” said Jonathan Corr, Ellie Mae’s president and chief operating officer. “Investors can use TQL, and the data it provides to improve overall loan quality and review ATR/QM compliance. At the same time, lenders who participate in TQL have reported decreases in loan suspensions, faster decisions on acquisitions and fewer days on warehouse lines.”Forward-Looking Statements This press release contains forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include the ability to utilize TQL to increase loan quality and operational efficiency and ATR/QM compliance. Additional risks and uncertainties related to the Ellie Mae’s business are discussed in the Company’s Securities and Exchange Commission filings, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Unless otherwise required by applicable laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.