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.