Ellie Mae has announced that Citadel, a community credit union headquartered in Exton, Penn., has selected Encompass by Ellie Mae as its mortgage management solution. Citadel serves 165,000 members in the Greater Philadelphia area with a full suite of banking, investment and insurance services, and has $2 billion in assets. The company does retail mortgage lending through its 16 branches and has a mortgage correspondent program.
“Increasing both our first and second mortgage production is a priority for us, so we were looking for an LOS that would provide us with a more efficient workflow for both retail and wholesale, and provide a complete solution,” said Lisa Albany, vice president of real estate lending at Citadel. “Encompass lets us tailor our workflows for each channel. Also, when we compared what’s included with Encompass versus having to integrate with additional third-party providers, the ROI was a major factor. Based on our analysis of our business needs, we expect Encompass to deliver 50% production savings and higher loan quality by allowing us to review more loan files with lower review and audit costs.”
Citadel will also be using Ellie Mae’s Total Quality Loan (TQL) best practice workflow processes, integrated in Encompass, to improve efficiency and compliance. TQL is designed to provide mortgage banks, depository banks and credit unions of all sizes a best practices workflow to promote a high level of compliance, loan quality and efficiency.
“We want to be able to show our regulators that we’re in compliance with all the new rules and regulations surrounding QM,” said Albany.
“Credit unions are a growing part of Ellie Mae’s customer base,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “We are pleased to be able offer complete and easily accessible solutions for forward-looking credit unions, like Citadel.”