PennyMac leveraging Encompass for unified approach across all lending channels. PLEASANTON, Calif. 11, 2019 – Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that PennyMac Loan Services LLC, a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI) and currently the largest correspondent aggregator in the United States. PLEASANTON, Calif. 11, 2019 – Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that PennyMac Loan Services LLC, a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI) and currently the largest correspondent aggregator in the United States, will leverage Ellie Mae’s next generation Encompass™ Digital Lending Platform to. Ellie Mae Solutions. Solution Type (8) Compliance. Investor Delivery. Encompass® Product & Pricing Service. The integration of Loan Quality Advisor, Freddie Mac’s risk and loan eligibility assessment tool, into Ellie Mae’s Encompass allows its customers to originate loans within Freddie Mac.
PLEASANTON, Calif.--(BUSINESS WIRE)--Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today it has entered into a partnership with Freddie Mac (OTCQB: FMCC) to integrate components from Freddie Mac’s Loan Advisor Suitesm into Encompass®, Ellie Mae’s all-in-one mortgage management solution. With a Congressionally mandated mission to provide liquidity, stability and affordability to the U.S. housing market, Freddie Mac buys mortgage loans and issues guaranteed mortgage-related securities.
The companies will collaborate to further integrate Freddie Mac’s Loan Prospector® and Loan Quality Advisorsm, Loan Advisor Suite’s automated underwriting and risk and loan eligibility tools, with Encompass to develop more efficient workflows for the mortgage industry. In addition, Ellie Mae and Freddie Mac will assess future integration opportunities as new Loan Advisor Suite components are introduced, like the recently announced Loan Collateral Advisorsm. The end result will allow Ellie Mae customers to originate loans within Freddie Mac guidelines more easily and with greater certainty.
Freddie Mac’s Loan Advisor Suite is a set of integrated software applications being developed to give lenders a way to originate and deliver high quality mortgages to Freddie Mac and gain insight into representation and warranty relief earlier in the loan production process. Loan Advisor Suite will become available in 2016.
Ellie Mae’s Encompass solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage. Encompass is used by more than 135,000 mortgage professionals and thousands of mortgage companies, including six of the 20 largest U.S. mortgage lenders.
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“At Ellie Mae, our mission is to provide our lenders with innovative solutions throughout the entire loan process while ensuring the highest level of compliance, loan quality and efficiency,” said Joe Tyrrell, executive vice president at Ellie Mae. “Through this partnership, we will make it even easier for our lenders to do business with Freddie Mac.”
“By working with Ellie Mae we will leverage our technological innovations and expertise to give our customers greater opportunities to become more efficient and competitive,” said executive vice president at Freddie Mac, Dave Lowman. “Our goal is to give America’s lenders a better way to originate loans that meet Freddie Mac guidelines more easily and with greater certainty. We look forward to partnering with Ellie Mae to help our customers succeed.”
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 Ellie Mae’s ability to integrate, and the enhanced functionality and benefits of the integration of, Freddie Mac’s technology tools into Ellie Mae’s Encompass software. 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, 2014, as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. 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.
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Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call 877.355.4362 to learn more.
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