CORRECTING and REPLACING Ellie Mae Sees Drop in Time to Close Construction Loans
August 01 2017 - 2:07PM
Business Wire
Expanded Construction Lending Support
Improves Efficiency and Shrinks Time to Close
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170801005955/en/
Ellie Mae, Inc.Erica Harvill,
925-227-5913Erica.harvill@elliemae.comorAllison+PartnersAlexandra
Gardell Kreuter, 646-428-0618EllieMae@allisonpr.com
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