PLEASANTON, Calif.--(BUSINESS WIRE)--
Ellie Mae® (ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today announced that Monona State Bank, Monona, Wis., has selected Encompass360® as its mortgage management solution.
Monona State Bank is a full service community bank with three branches in Wisconsin. In 2012, the bank originated approximately $130 million in first mortgages. As an approved servicer for Freddie Mac, Monona State Bank is currently servicing approximately $295 million in mortgages.
Prior to beginning the Encompass360 implementation process with its integrated Encompass Compliance Service™ and Success-Based Pricing model, Monona State Bank was using multiple systems. “When we learned that our prior doc prep system would no longer be available at the end of the year, we decided to make the move to one end-to-end solution,” said Marcia Howe, senior vice president of mortgage lending at Monona State Bank. “Other systems claim to be end-to-end, but then they bill everything separately. With Ellie Mae, what you see is what you get.”
Howe added, “As a relatively small community bank, we were a bit nervous about the transition and needed to know support would be there throughout the process. Ellie Mae put us at ease and made us feel like we were just as important as their larger clients, and not like we were just a little guy. Also, since we had been doing our compliance checks manually before, we expect their compliance features will give us more time to focus on our customers and building our business.”
“Although internet and customer-direct lending are clearly a growing trend, it is important to remember that many customers want and prefer personalized attention,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “We’re pleased to be able to help lenders like Monona State Bank that need easy-to-implement solutions to help assure compliance and deliver a superior, in-person customer experience.”
About Ellie Mae
Ellie Mae, Inc. (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, Encompass360® 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.
© 2013 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360®, DataTrac®, Ellie Mae Network™ 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.
Jessica Ruiz-Krout, 212-995-8057