Ellie Mae Selects CoreLogic Risk Tools for Total Quality Loan Program
12 April 2012 - 11:15PM
Business Wire
CoreLogic® (NYSE: CLGX), a leading provider of information,
analytics and business services, and Ellie Mae® (NYSE Amex: ELLI),
a leading provider of enterprise level, on-demand automated
solutions for the residential mortgage industry, today announced
that the CoreLogic LoanSafe Risk Manager has been added to the due
diligence/quality assurance services integrated into Ellie Mae
Total Quality Loan™ (TQL) Program.
TQL is an initiative designed to further enhance the loan
quality, compliance and salability of loans that are originated
through Ellie Mae’s Encompass360® mortgage management software
system. 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
industry supply chain.
CoreLogic risk management tools are used to originate over 80
percent of all mortgages initiated in the United States. LoanSafe
Risk Manager has two components: an automated collateral review
tool that assesses appraisal quality and evaluates the early
payment default and loss severity risk of each mortgage (LoanSafe
Collateral Manager™); and an industry leading fraud detection tool
that employs patented, pattern-recognition fraud scoring and
unmatched consortium and data alerts (LoanSafe Fraud Manager™).
Both tools leverage the vast property, loan and fraud databases of
CoreLogic, the company’s automated valuation models, as well as
data from the CoreLogic Fraud Consortium Database of over 90
million loan applications. LoanSafe Risk Manager provides lenders
and investors with predictive collateral and fraud risk scores and
alerts. Large and small lenders select these products for their
predictability and ease of use.
In addition to LoanSafe Risk Manager, the other tools integrated
into TQL include: Ellie Mae’s Encompass Compliance Service™, an
automated compliance service; the Encompass 4506-T Service™; and
Fannie Mae's EarlyCheck™, a delivery data check process that is
being integrated, and that identifies issues that could impair the
loan’s salability early in the process and prior to loan
delivery.
“We are extremely pleased that our LoanSafe offerings have been
selected as a mission-critical component of TQL,” said Tim Grace,
senior vice president of Product Solutions at CoreLogic. “We
believe that an integrated, bundled offering, like Ellie Mae’s TQL,
will enhance the way mortgages are originated, reviewed and
sold.”
“Ellie Mae has collaborated with a number of secondary market
investors to understand their needs while shaping the program,”
said Richard Roof, Ellie Mae’s senior vice president of Business
Development. “Collateral risk and fraud-detection are two of the
must-have capabilities that have been mentioned time and again, and
investors asked to have the CoreLogic risk tools integrated into
TQL. As a result, we are very excited to add the CoreLogic LoanSafe
Risk Manager as a standard feature of TQL.”
Roof added, “We are excited to expand our TQL capabilities: one
of the nation’s largest investors went live on TQL in October and a
number of other large investors are actively evaluating the
program, as are many of our largest correspondent clients. TQL is
an important initiative for Ellie Mae.”
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading provider of consumer,
financial and property information, analytics and services to
business and government. The Company combines public, contributory
and proprietary data to develop predictive decision analytics and
provide business services that bring dynamic insight and
transparency to the markets it serves. CoreLogic has built one of
the largest and most comprehensive U.S. real estate, mortgage
application, fraud, and loan performance databases and is a
recognized leading provider of mortgage and automotive credit
reporting, property tax, valuation, flood determination, and
geospatial analytics and services. More than one million users rely
on CoreLogic to assess risk, support underwriting, investment and
marketing decisions, prevent fraud, and improve business
performance in their daily operations. The Company, headquartered
in Santa Ana, Calif., has more than 5,000 employees globally. For
more information visit www.corelogic.com.
CORELOGIC, the stylized CoreLogic logo and LOANSAFE are
registered trademarks owned by CoreLogic, Inc. and/or its
subsidiaries. LOANSAFE RISK MANAGER, LOANSAFE COLLATERAL MANAGER
and LOANSAFE FRAUD MANAGER are common law trademarks owned by
CoreLogic, Inc. and/or its subsidiaries and are part of the
LoanSafe Product Suite. No trademark of CoreLogic shall be used
without the express written consent of CoreLogic. All other
trademarks are the property of their respective owners.
About Ellie Mae
Ellie Mae, Inc. 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 mortgage professionals to conduct
electronic 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.
© 2012 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360®,
DataTrac®, Ellie Mae Network™, Ellie Mae Total Quality Loan™
Program 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.
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