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HUD kicks off six-city financial literacy campaign to help troubled homeowners avoid foreclosure and rescue scams

National Mortgage Professional
Jan 14, 2009

Ellie Mae starts 2009 with a record number of new loan applicationsMortgagePress.comEllie Mae, LOS, Encompass, ePASS Network, Jonathan Corr FOR IMMEDIATE RELEASE Ellie Mae, a provider of loan processing software for mortgage bankers, brokers and other third party originators, has announced that during the first full week of 2009, the company saw a record breaking number of new mortgage applications originated through the Encompass Mortgage Management Solution and its ePASS Network, the nations most-used residential mortgage transaction platform. One quarter of the nation's total new originations go through Encompass and ePASS each year. On Jan. 6 and Jan. 7, 30,500 new loan applications passed through the Encompass LOS each day, providing evidence of a significant spike in overall mortgage transactions. "This surge in activity is the result of the Feds latest drop in interest rates, as well as pent-up demand, and continues the upswing in refinance activity we saw during the latter part of 2008," says Jonathan Corr, chief strategy officer for Ellie Mae. "December's typically a very soft month because of the holidays and the end of the year, but this past December we saw transactions increase over 50 percent from November, in all areas, including credit, title and lender submissions." More than 150,000 Encompass customers utilize Encompass and the ePASS Network to connect to lenders and thousands of other partners with whom they do business. By using this solution, bankers and brokers of all sizes can efficiently, economically and securely transmit and receive documents and data, without the use of phones, faxes or e-mail. The ePASS Network is accessed from within Encompass and uses integrated Web browser technology, transmitting all information in a format that is fully compatible with the partners' systems. The ePASS Network was recently granted patent number 7,444,302 from the United States Patent and Trademark Office. For more information, visit www.EllieMae.com.
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