Ellie Mae Streamlines Closed Loan Data Delivery Through Integration with Wells Fargo
New Integration with Encompass Data and Document Delivery Service to automate loan process post-close for increased efficiencies
PLEASANTON, Calif. – May 1, 2017 – Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced today that lenders using the Ellie Mae Encompass all-in-one mortgage management solution no longer need to provide the Wells Fargo Funding Loan Submission Summary (LSS) form when sending the complete required closed loan data securely and directly through Ellie Mae’s Data and Document Delivery Service to Wells Fargo Funding. The official effective date is forthcoming and will be announced via standard Wells Fargo Funding communication.
Through this integration with Wells Fargo, lenders have the ability to streamline the data delivery process by:
- Sending batch closed loan data directly to Wells Fargo Funding
- Removing the need to send the Loan Submission Summary (LSS) form to Wells Fargo
- Registering both mandatory and best effort loans
- Receiving error messages that automatically populate within Encompass
- Reducing wellsfargofunding.com login steps
Ellie Mae’s Encompass is an all-in-one, fully integrated solution that covers the entire loan lifecycle and provides one system of record. It automates and simplifies the mortgage process, giving lenders the power to close high-quality, compliant loans more efficiently. Through Ellie Mae’s Data and Document Delivery Services, investors can receive complete and validated loan data and supporting documents with no need to compare data in documents. Better quality loans are created through stringent workflow and business rules and investors never receive any loans until they are complete and verified.
“Our mission is to provide our lenders and investors with innovative solutions throughout the entire loan process,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “Today, through our integration with Wells Fargo, we’re improving efficiencies and streamlining functionality by automating closed loan data delivery for our mutual customers. Our collaboration reduces the number of forms needed for Encompass customers while offering the ability to send batch closed loan data directly from the pipeline view in Encompass for a single system of record.”
“This is one of many foundational steps toward our end goal of nearly complete data integration, which is important for increasing efficiencies for our clients and across the industry,” said Susan Wallace, SVP, Wells Fargo Funding.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae’s Encompass® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call 877.355.4362 to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.
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