Ellie Mae and Online Documents enter the servicing market with loan modification solutionMortgagePress.comEllie Mae, Online Documents, mortgage servicing, loan modifications,
Ellie Mae, a provider of loan processing software for mortgage
brokers, bankers and other third party originators, and its newly
acquired subsidiary Online Documents, a provider of flexible,
compliant electronic mortgage documents and related services to the
mortgage industry, are answering the industry's need for efficient
loan modification with a collaborative, end-to-end solution that
enables lenders to create and update loan modification closing
packages on a real-time basis, while also meeting investor
requirements with flexibility, complete accuracy and secure online
delivery.
Ellie Mae's loan modification solution is the result of a
collaborative effort between Online Documents and Ellie Mae's
highly experienced loss mitigation partners, who are working
together to provide the industry with a comprehensive solution that
is now being used by several top 10 loan servicers to process over
5,000 of their loan modifications per week.
This comprehensive solution offers a best practices approach
that assesses the needs of the lenders workflow, accommodates
lender-specific workout plans, and handles all recording and notary
requirements, as well as package content and compliance monitoring
and consistency. With this new solution, creating a loan
modification package is simple and streamlined, with web-based data
entry that requires no re-keying of data. Users can choose from a
library of standard yet customizable loan modification agreements,
and all documents are compliant with Fannie Mae, Freddie Mac and
MERS requirements. Users have the choice of offering borrowers
electronic signing or secured "wet signing," which is a live
signature on an actual document, with comprehensive recordation
services. The system can be deployed in days, rather than weeks,
and offers the convenience and benefit of real-time loan level
reports, secure electronic delivery and complete visibility into
the business volume for the client company.
"Earlier this year, top loan servicers performed due diligence
to determine the best-in-breed resources to handle their emerging
loss mitigation demands," said Jonathan Corr, chief strategy
officer at Ellie Mae. "These servicers knew that they couldn't
afford to take any chances with their loan modification packages,
and chose Ellie Mae/Online Documents and its experienced partners
to handle the massive assignment. This market is bringing about an
unprecedented number of regulatory changes, and lenders and
servicers are turning to the industry experts to ensure that they
meet those changes with compliance, efficiency and flexibility.
With this new loan modification solution, Ellie Mae/Online
Documents is helping overburdened lenders and servicers meet
challenging market conditions with the confidence that comes from
accuracy, compliance and flexibility, conveniently packaged and
provided by trusted leaders in the mortgage industry."
For more information, visit www.EllieMae.com.
