Compliance, 50% Productivity Savings and Training Factors in
Community Credit Union’s Decision to Implement Ellie Mae’s All-in-One
Solution
Company Website:
http://www.elliemae.com/
PLEASANTON, Calif. -- (Business Wire)
Ellie Mae® (NYSE:ELLI), a leading provider of innovative
on-demand software solutions and services for the residential mortgage
industry, today announced that Citadel, a leading 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 ourfirstand 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.” Albany added, “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.”
Training was also a consideration. “Encompass’ truly comprehensive
online training was another big factor in the decision making process,”
said Elaine Bowles, mortgage quality control officer of Citadel. “There
are multiple ways to access instructor lists, preprinted information,
help screens and other useful information that is readily available and
searchable on Ellie Mae’s site. Our employees can sit down at a
computer, run through a curriculum and accomplish 75-80% of the training
they would need to do their job.”
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.”
Forward-Looking Statements
This press release contains forward-looking statements under the safe
harbor provisions under The Private Securities Litigation Reform Act of
1995. These forward-looking statements include the ability to utilize
Encompass to increase productivity. Additional risks and uncertainties
related to the Ellie Mae’s business are discussed in the Company’s
Securities and Exchange Commission filings, including but not limited to
the Company’s Annual Report on Form 10-K for the year ended December 31,
2012 and most recent Quarterly Report on Form 10-Q. Unless otherwise
required by applicable laws, the Company undertakes no obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
About Citadel
Citadel provides banking, investments and insurance services to 165,000
customers and 400 companies. At $2 billion in assets, it is one of the
area’s largest locally owned financial institutions, proudly serving
residents of Bucks, Chester, Delaware, Montgomery, and Philadelphia
counties and the city of Lancaster. Visit www.citadelbanking.com
for more information.
About Ellie Mae
Ellie
Mae (NYSE:ELLI) is a leading provider of innovative on-demand
software solutions and services for the residential mortgage industry.
Ellie Mae’s all-in-one Encompass®
mortgage management solution provides one system of record that allows
banks, credit unions and mortgage lenders to originate and fund
mortgages and improve compliance, loan quality and efficiency. Visit EllieMae.com
or call 877.355.4362 to learn more.
© 2014 Ellie Mae, Inc. Ellie Mae®, Encompass®,
DataTrac®, Ellie Mae Network™, Total Quality
Loan™, TQL™ and the Ellie Mae logo are registered trademarks or
trademarks of Ellie Mae, Inc. or its subsidiaries. All rights reserved.
Other company and product names may be trademarks or copyrights of
their respective owners.
Contacts:
PRESS CONTACT
Campbell Lewis Communications
Bill
Campbell, 212-995-8057
bill@campbelllewis.com
Source: Ellie Mae
© 2024 Canjex Publishing Ltd. All rights reserved.