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: ELLIE MAE EXPANDS TOTAL QUALITY LOAN PROGRAM TO MORTGAGE LENDERS 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.
- 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.
- 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.
“We believe TQL is delivering on its promise of improving loan quality, compliance and efficiency––all of which create safer, more profitable loans for lenders and investors,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “The new information, verification and documentation capabilities for ATR/QM and an investor-agnostic workflow make TQL even more valuable and accessible to a larger universe of Ellie Mae lender and investor clients.”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 quality and reliability of the Total Quality Loan program and the benefits that individual lenders and investors may experience. Additional risks and uncertainties related to the Company’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. 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 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. © 2014 Ellie Mae, Inc. Ellie Mae ® , Encompass ® , DataTrac ® , Ellie Mae Network™ 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.