Prosperity Home Mortgage LLC, a wholly-owned subsidiary of The Long & Foster Companies, has selected Encompass from Ellie Mae as its mortgage loan management solution. Originally formed as a joint venture between Long & Foster and Wells Fargo Ventures, this full-service mortgage banker funded $3.6 billion in volume in 2012. Now operating as Prosperity Home Mortgage LLC, the company began serving clients across the Mid-Atlantic and Northeast, as well as in the Carolinas, on Jan. 2, 2014.
During the transition to becoming a wholly-owned Long & Foster company, Prosperity Home Mortgage evaluated various loan origination systems. It selected Encompass to promote compliance in today’s complex regulatory environment, while also allowing scalability and flexibility to maintain customer satisfaction.
“By leveraging Encompass’s compliance expertise and innovative technology, Prosperity Home Mortgage is well-positioned for success in both complying with changing regulations and providing exceptional customer service and competitive loan products,” said Tim Wilson, CEO of Prosperity Home Mortgage. “With Encompass, we can be confident that our loan origination system operates in compliance and with data integrity and quality, so our team can focus on what we do best—helping our clients accomplish their homeownership dreams.”
Prosperity Home Mortgage has deployed Encompass as an end-to-end solution to support origination, processing, underwriting and closing. In addition, Prosperity Home Mortgage further customized Encompass by creating a tool that automatically selects the best available mortgage insurance solution based on loan type and borrower needs.
“With all the new rules coming into effect in 2014, lenders need to be certain they are compliant,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Ellie Mae’s new comprehensive ATR/QM solution built into Encompass helps automate the process and deliver improved efficiency, loan quality and compliance.”