Ellie Mae Partners with Closing.com to Launch Encompass Assured GFE Service

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New service powered by Closing.com enables users to create Good Faith Estimates with real-time fees backed by a compliance guarantee, directly from Encompass360™

This new service not only helps drive more business but assures the lender that the data used will meet HUD’s RESPA accuracy requirements.

Ellie Mae®, the enterprise mortgage origination technology provider for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders, and Closing.com, the largest one-stop-shop for real estate closing services on the Web, have announced the launch of Encompass Assured GFE service powered by ClosingCorp’s SmartGFE® Service. With Encompass Assured GFE, Encompass360™ users can now create Good Faith Estimates, which are backed by a ClosingCorp compliance guarantee, directly from their Encompass360 systems.

The January 2010 changes to the Real Estate Settlement and Procedures Act (RESPA) have created new compliance challenges for mortgage lenders and brokers. One such change involves the disclosure of fees provided to the borrower on the Good Faith Estimate and HUD-1 forms, which now must fall within certain accuracy tolerances.

Encompass Assured GFE utilizes the same platform as Closing.com’s SmartGFE® Service, the industry’s most widely-used Good Faith Estimate solution, and is private-labeled for use by Encompass360 customers. Once the borrower’s information is entered into Encompass360, users simply click the “Assured GFE” button, select the service providers from whom they’d like to receive quotes, and within seconds, Encompass Assured GFE generates a Good Faith Estimate with real-time settlement service fees for local, state and national closing services.

Encompass Assured GFE can be configured to offer a company’s preferred providers, and is backed by a Closing.com compliance guarantee that rates and fees are presented in real-time and will not result in a HUD-1 tolerance violation. Users can easily order these services through Encompass360 and a compliance guarantee certificate is saved in the users’ Encompass360 eFolder.

“We believe that the number one concern of lenders today is how to stay compliant and how to control the costs of staying compliant, particularly with so many changing and new regulations,” said Jonathan Corr, chief strategy officer for Ellie Mae. “We’re here to help our customers with compliance. Our customers rely on us to provide the tools they need to maintain compliance and promote total loan quality. Encompass Assured GFE is one more way we’re responding to our customers’ needs.”

“Integrating this simple but powerful compliance tool within a loan originator’s workflow, allows lenders to prepare GFEs quickly, select their trusted providers, and access live rates along with recording fees and transfer taxes, in a few easy steps,” said ClosingCorp president, Paul Mass. “Borrowers tend to select lenders who respond rapidly to their loan requests; this new service not only helps drive more business but assures the lender that the data used will meet HUD’s RESPA accuracy requirements.”

About Ellie Mae
Ellie Mae provides enterprise mortgage origination technology solutions for mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders. The company's offerings include the Encompass® and Encompass360™ Mortgage Management Solutions, Encompass CenterWise™ websites and electronic document management services, Encompass Closer™ document preparation services and Encompass Compliance Service. Ellie Mae 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. Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit http://www.EllieMae.com or call 877.355.4362.

About Closing.com
ClosingCorp, the parent company of Closing.com, is an independent data provider and leading online destination for professionals and consumers to shop for real estate services and calculate closing costs. The company has built the most comprehensive, reliable and accurate source for real estate closing services and rates on the Web. Company-owned sites and services include Closing.com, SmartGFE.com, and the SmartClosing Mortgage Calculator. The company is based in La Jolla, Calif. To learn more about Closing.com visit http://www.closingcorp.com or call 1-866-256-7464.

© 2010 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360™, Encompass Assured GFE™, Encompass CenterWise™, Encompass Closer™ and Ellie Mae Network™ and the Ellie Mae logo are trademarks or registered trademarks of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks of their respective owners. Products, services and programs are subject to change without notice.

Encompass Assured GFE™ is a trademark of Ellie Mae, Inc., in the United States, and a private-labeled service provided by ClosingCorp.

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Kristin Ewald
ClosingCorp
858-551-1500 ext. 212
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