Prosperity Home Mortgage Selects Ellie Mae’s Encompass Mortgage Management Solution

System Helps Promote Compliance, Improvements in Customer Service, Efficiency

Business Wire

CHANTILLY, Va. & PLEASANTON, Calif.--(BUSINESS WIRE)--

Prosperity Home Mortgage, LLC, a wholly owned subsidiary of The Long & Foster Companies, has selected Encompass® from Ellie Mae® (ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, as its mortgage loan management solution.

Originally formed as a joint venture between Long & Foster and Wells Fargo Ventures, this full-service mortgage banker funded $3.6 billion in volume in 2012. Now operating as Prosperity Home Mortgage, LLC, the company began serving clients across the Mid-Atlantic and Northeast, as well as in the Carolinas, on Jan. 2, 2014.

During the transition to becoming a wholly owned Long & Foster company, Prosperity Home Mortgage evaluated various loan origination systems. It selected Encompass to promote compliance in today’s complex regulatory environment, while also allowing scalability and flexibility to maintain customer satisfaction.

“By leveraging Encompass’s compliance expertise and innovative technology, Prosperity Home Mortgage is well-positioned for success in both complying with changing regulations and providing exceptional customer service and competitive loan products,” said Tim Wilson, CEO of Prosperity Home Mortgage. “With Encompass, we can be confident that our loan origination system operates in compliance and with data integrity and quality, so our team can focus on what we do best—helping our clients accomplish their homeownership dreams.”

Prosperity Home Mortgage has deployed Encompass as an end-to-end solution to support origination, processing, underwriting and closing. In addition, Prosperity Home Mortgage further customized Encompass by creating a tool that automatically selects the best available mortgage insurance solution based on loan type and borrower needs.

“With all the new rules coming into effect in 2014, lenders need to be certain they are compliant,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Ellie Mae’s new comprehensive ATR/QM solution built into Encompass helps automate the process and deliver improved efficiency, loan quality and compliance.”

About Prosperity Home Mortgage, LLC

Prosperity Home Mortgage, LLC, a wholly owned subsidiary of The Long & Foster Companies, is a full service mortgage banker that specializes in residential and refinance loans. It offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Prosperity Home Mortgage, LLC, developed from Long & Foster’s joint venture Prosperity Mortgage Company, which assisted more than 12,400 customers on $3.6 billion in mortgages in 2012. It is represented by more than 140 mortgage consultants across the Mid-Atlantic and Northeast, as well as the Carolinas. Visit www.phmloans.com.

About The Long & Foster Companies

The Long & Foster Companies is the parent company of the largest independent residential real estate company in the United States, Long & Foster® Real Estate, Inc., and is the leading provider of homeownership services in the Mid-Atlantic and Northeast region. In addition to its real estate arm, The Long & Foster® Companies consist of Prosperity Home Mortgage, LLC; Long & Foster® Insurance, Inc.; and Long & Foster® Settlement Services. Long & Foster® Real Estate, Inc. sold more than $24.8 billion worth of homes and helped people buy and sell homes more than 75,000 times in 2012. The Long & Foster Companies’ 2012 combined sales for the year were in excess of $48 billion. Visit www.LongandFoster.com for more information.

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 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.

© 2014 Ellie Mae, Inc. Ellie Mae®, Encompass®, 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.

Contact:
Long & Foster corporate contact:
Vicki Bendure, APR, 540-687-3360
Vicki@bendurepr.com
or
Ellie Mae press contact:
Jessica Ruiz-Krout, 212-995-8057
jessica@campbelllewis.com

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