Ellie Mae Announces Enhanced Integrations with Essent, Genworth Mortgage Insurance and National MI for Streamlined Mortgage Insurance Ordering Process
New partners available through Ellie Mae’s TQL program will improve process, automation and access to data and alerts for Encompass customers
PLEASANTON, Calif. – Oct. 28, 2019 – Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that they are expanding their Ellie Mae Total Quality Loan® (TQL®) program with three new partners-- Essent, Genworth Mortgage Insurance and National MI -- to offer a more streamlined mortgage insurance ordering process. The integrations through Ellie Mae’s Total Quality Loan® (TQL®) program give Encompass® digital mortgage customers process improvements, automated ordering, and access to data and alerts.
These new MI partners will be available in TQL mid-November and will add value by offering:
- The ability for lenders to process multiple rate quotes simultaneously
- Automated ordering for rate quote or MI certificate
- The ability to monitor key data changes and alert Encompass users when to re-order a rate quote or MI certificate
Ellie Mae’s TQL MI workflow improves operational efficiencies by allowing automated ordering and reduces manual steps needed such as re-authentication. Lenders can reduce risk by monitoring material data changes in the loan file and are provided a single source of record by maintaining all transactions and communication inside of Encompass. Additionally, the process helps to ensure that the information is accurate, organized and securely transmitted. In late 2017, Ellie Mae announced this new mortgage insurance ordering program with Arch MI, MGIC and Radian.
“Ellie Mae’s mission is to provide a true digital mortgage with innovative solutions that provide value for all our lenders,” said Parvesh Sahi, senior vice president of Business Development for Ellie Mae. “Through these enhanced integrations, we are adding access to mortgage insurance solutions for a more seamless workflow and the highest levels of quality, efficiency and compliance.”
Ellie Mae’s Encompass digital mortgage solution enables banks, credit unions and mortgage lenders to create and fund mortgages in one system of record for compliance review, quality assurance and improved efficiency at every loan stage. As part of Encompass, the TQL program leverages secure, single sign-on and necessary, best-of-breed services to automate processes, and applies quality checks throughout the mortgage lifecycle to reduce resource costs and operational friction, resulting in more profitable loans with fewer suspense conditions.
“We support Ellie Mae in their efforts to automate more of the mortgage process while still giving lenders a choice. The flexibility and ease of the TQL solution allows lenders to choose the mortgage insurer that delivers them the best overall value proposition. We understand the importance of flexibility when it comes to ordering MI versus committing to an automated price decision,” said Kevin McMahon, Genworth Mortgage Insurance’s Senior Vice President of Customer Solutions.
“Essent is excited to offer our products and services through Ellie Mae’s Total Quality Loan (TQL) Program,” said Kendra Placek, Vice President of Customer Experience and Innovation at Essent Guaranty. “By streamlining the mortgage insurance selection and ordering process through new automation and comparison tools, our partnership enables our mutual customers to save time and effort which ultimately improves the mortgage process for the borrower.”
"National MI's enhanced integration with Ellie Mae's TQL program provides lenders with a more efficient mortgage insurance quoting and ordering process,” said Norm Fitzgerald, senior vice president, national field sales, National MI. "Now, through Encompass, lender customers can obtain National MI Rate GPS rate quotes, order mortgage insurance and submit loan documents without leaving the system, allowing for a more automated and streamlined experience."
For more information about Ellie Mae’s TQL program, visit https://www.elliemae.com/encompass/originating-quality-loans/total-quality-loan-program
About Ellie Mae
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) which, through its wholly-owned subsidiary, Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us.
About Genworth Mortgage Insurance
Genworth Mortgage Insurance, an operating segment of Genworth Financial, Inc. (NYSE: GNW), is headquartered in Raleigh, North Carolina, and operates in all 50 states and the District of Columbia. Genworth Mortgage Insurance works with lenders and other partners to help people responsibly achieve and maintain the dream of homeownership by ensuring the broad availability of affordable low down payment mortgage loans. Genworth has been providing mortgage insurance products and services in the U.S. since 1981.
About National MI
National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.
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