PLEASANTON, Calif. – March 17, 2014 – Ellie Mae® (NYSE: ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today announced that PHH Mortgage Corporation (“PHH Mortgage”), a subsidiary of PHH Corporation (NYSE:PHH), is participating in Ellie Mae’s Total Quality Loan (“TQL”) program for loans originated through its correspondent lending channel.
TQL is designed to further enhance the loan quality, compliance and salability of loans that are originated through Ellie Mae’s Encompass® mortgage management solution. TQL offers a suite of services and secure, tamper-proof technology that enables users to share the findings and data from those services with investors and other stakeholders in the mortgage supply chain. In turn, investors are able to leverage the findings and data to improve their purchasing processes and acquire higher quality mortgage assets. The lenders participating in TQL have reported significant decreases in loan suspensions, faster decisions on acquisitions and fewer days on warehouse lines.
In 2013, PHH Mortgage closed approximately $5 billion in loans through its correspondent lending channel and was ranked the 12th largest correspondent lender in the country by Inside Mortgage Finance.
“TQL brings two key benefits to us: it will help improve the quality of the loans that we’re purchasing and deliver streamlined efficiencies—for PHH Mortgage and our clients,” said Len Patton, channel president of Correspondent Lending at PHH Mortgage. “A large portion of our clients use Ellie Mae’s Encompass mortgage management solution. TQL will enable them to order the fraud and verification services that we require and take full advantage of delegated delivery. Meanwhile, we won’t be doing double work, which will add to our operational efficiency.”
“We’re very pleased that PHH Mortgage is adopting Ellie Mae’s TQL program and we look forward to launching their access within TQL in the coming months. The continued acceptance of the TQL principles of compliance, quality and efficiency by top investors, such as PHH Mortgage, provides great benefit to not just our lenders and investor partners, but also to their borrowers,” said Jonathan Corr, Ellie Mae’s president and chief operating officer. “In 2014, we are excited about the new features we will be adding to TQL which will provide even further value to our TQL participants.”
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 TQL to increase loan quality and operational efficiency and the timing of when new features and functionality will be introduced to the TQL program. 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, 2013. 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 PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading provider of business process management services for the mortgage and fleet industries. Its subsidiary, PHH Mortgage, is one of the largest originators and servicers of residential mortgages in the United States, and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. PHH is dedicated to delivering premier customer service and providing value-added solutions to its clients. For additional information about PHH and its subsidiaries, please visit the Company’s website at www.phh.com.
About Ellie Mae
Ellie Mae, Inc. (NYSE: ELLI) is a leading provider of on-demand automation solutions for the mortgage industry. The Company offers an end-to-end solution, delivered using a Software-as-a-Service model that serves as the core operating system for mortgage originators and spans customer relationship management, loan origination and business management. The Company also hosts the Ellie Mae Network™ that allows Encompass® users to electronically conduct business transactions with the lenders and settlement service providers they work with to process and fund loans. The Company’s offerings include the Encompass and DataTrac® mortgage management software systems.
Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362.