First Bank Mortgage Selects Ellie Mae® Encompass360®
20 Março 2012 - 5:15PM
Business Wire
Ellie Mae® (NYSE Amex: ELLI), a leading provider of enterprise
level, on-demand automated solutions for the residential mortgage
industry, today announced that First Bank Mortgage of Augusta, GA,
a division of First Bank of Georgia, has selected Encompass360® as
its mortgage management solution. In 2011, First Bank Mortgage
originated more than $400 million in mortgages through its retail
branches and 60 correspondent lenders.
Prior to selecting Encompass360, First Bank Mortgage had been
using multiple systems, which made it increasingly difficult for
their wholesale correspondent lending clients to do business with
them. Third-party origination (TPO) lenders generated approximately
60 percent of First Bank Mortgage’s total volume in 2011 and are
expected to account for roughly the same level of volume this year,
according to the company. For more than six months, First Bank
Mortgage evaluated various loan origination systems (LOS) before
ultimately selecting Encompass360.
“Every shop is different and has different needs. Ellie Mae
understands this and Encompass360 allows users to set the system up
in the best possible way for them,” said Thomas Bird, First Bank
Mortgage’s executive vice president and a former president of the
MBA of Georgia. “For us, this meant implementing a system that will
make it easier for our TPO clients to do business with us online
and to do it paperlessly. Encompass360 also enables us to customize
our business rules to enhance compliance, which is a big issue for
us. It also comes with a pricing engine, which saved us the cost of
buying and integrating one.”
Mr. Bird estimates that Encompass360® will produce at least
$200,000 in hard-cost savings in the first full year, following
implementation. “That’s not counting intangibles like higher
productivity, increased business, improved customer service or the
cost savings of preventing mistakes that could lead to compliance
penalties or buybacks.”
To build excitement for the new platform, First Bank Mortgage is
creating and distributing t-shirts with Ellie Mae’s Encompass360
logo when they kickoff their new system on April 1. Mr. Bird said,
“This is a big deal for us and we expect to save a significant
amount of time and money. But going through a system change, even
if it goes smoothly, is still stressful for our employees. So, we
thought it would be a good idea for them to wear the t-shirts and
blue jeans one day and have some fun with it.”
“We have never had a client so excited about launching
Encompass360 that they wanted to create t-shirts,” said Jonathan
Corr, Ellie Mae’s chief operating officer. “But I can understand
why. First Bank Mortgage’s move from multiple software systems to a
complete, enterprise solution will give them more control, allow
them to more efficiently manage loan officers and correspondents,
and be more nimble when handling compliance, market and technology
issues as they evolve. At the same time, they’ll have greater
confidence that they are originating quality assets.”
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
discussions regarding the anticipated benefits of using our
on-demand automated solutions, including the ability to reduce
operational costs for clients. 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 to the final prospectus relating to its initial
public offering and the company's most recent Quarterly Report on
Form 10-Q. 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. 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 mortgage professionals to conduct
electronic business transactions with the lenders and settlement
service providers they work with, to process and fund loans. The
Company's offerings include the Encompass®, Encompass360® 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.
© 2012 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360®,
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.
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