CORRECTING and REPLACING Ellie Mae Sees Drop in Time to Close Construction Loans

Please replace the release with the following corrected version due to changes to the quote from Jonathan Corr in the third paragraph.

The corrected release reads:

ELLIE MAE SEES DROP IN TIME TO CLOSE CONSTRUCTION LOANS

Expanded Construction Lending Support Improves Efficiency and Shrinks Time to Close

Ellie Mae ® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today that it has seen significant decrease in the time to close Construction-to-Permanent loans since the February 2017 launch of its comprehensive construction lending support within its Encompass all-in-one mortgage management solution. Additionally, Ellie Mae has seen an increase in construction loan volume for both Construction-only and Construction-to-Permanent loans for construction lending clients since February.

Ellie Mae expanded its construction lending support, including a comprehensive way to process Construction-only and Construction-to-Permanent loans within Encompass. This expanded support included:
  • Construction Management Tool: The Construction Management Tool provides a central location within Encompass to originate construction loans and input key construction tracking information, making the construction lending process more efficient and consistent with the standard loan origination process.
  • Blended and Separate KBYO Disclosures: Support for both methods of generating Construction-to-Permanent loan disclosures allowed by KBYO, a single blended disclosure, and two separate disclosures detailing Construction and Permanent loan terms, provides flexibility to lenders.
  • Federal and State Compliance Reviews: Federal and state consumer protection compliance reviews for Construction-only and Construction-to-Permanent loans with either separate or blended disclosures through the Encompass Compliance Service™, powered by Mavent®.
  • Closing Documents: Closing documents, including all 50-state eligible documents for both Construction-only and Construction-to-Permanent loans.

"We have experienced significant growth in Construction-only and Construction-to-Permanent loans since our enhancement release, while time to close for Construction-to-Permanent loans shrank on average eight days and time to close for Construction-only loans shrank on average 10.5 days," said Jonathan Corr, President and CEO of Ellie Mae. "With our latest version of Encompass, our support for construction loans enable our banks, credit unions and mortgage lenders to close loans faster, improving efficiency while ensuring compliance and loan quality."

"Our construction loan production has increased 30 percent based on 2016 year-over-year volume. Leveraging Ellie Mae's technology enhancements to construction lending has improved our efficiency as we build on our past success in construction originations," said Susan Brown, SVP, Construction & Renovation Production Manager at Umpqua. "We anticipate this trend to continue and look forward to growing our business throughout 2017 and beyond."

For more information about Encompass, visit: http://www.elliemae.com/encompass/encompass-overview

About Ellie Mae

Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae's technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit  EllieMae.com or call (877) 355-4362 to learn more.

© 2017 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170801005955/en/

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX