Citadel Selects Ellie Mae’s Encompass Mortgage Management Solution
Ellie Mae(R) (NYSE:ELLI) , a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, today announced that Citadel, a leading community credit union headquartered in Exton, Penn., has selected Encompass(R) by Ellie Mae as its mortgage management solution.
Citadel serves 165,000 members in the Greater Philadelphia area with a full suite of banking, investment and insurance services, and has $2 billion in assets. The company does retail mortgage lending through its 16 branches and has a mortgage correspondent program.
“Increasing both our first and second mortgage production is a priority for us, so we were looking for an LOS that would provide us with a more efficient workflow for both retail and wholesale, and provide a complete solution,” said Lisa Albany, vice president of real estate lending at Citadel. “Encompass lets us tailor our workflows for each channel. Also, when we compared what’s included with Encompass versus having to integrate with additional third-party providers, the ROI was a major factor.” Albany added, “Based on our analysis of our business needs, we expect Encompass to deliver 50% production savings and higher loan quality by allowing us to review more loan files with lower review and audit costs.”
Training was also a consideration. “Encompass’ truly comprehensive online training was another big factor in the decision making process,” said Elaine Bowles, mortgage quality control officer of Citadel. “There are multiple ways to access instructor lists, preprinted information, help screens and other useful information that is readily available and searchable on Ellie Mae’s site. Our employees can sit down at a computer, run through a curriculum and accomplish 75-80% of the training they would need to do their job.”
Citadel will also be using Ellie Mae’s Total Quality LoanTM (TQL) best practice workflow processes, integrated in Encompass, to improve efficiency and compliance. TQL is designed to provide mortgage banks, depository banks and credit unions of all sizes a best practices workflow to promote a high level of compliance, loan quality and efficiency. “We want to be able to show our regulators that we’re in compliance with all the new rules and regulations surrounding QM,” said Albany.
“Credit unions are a growing part of Ellie Mae’s customer base,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “We are pleased to be able offer complete and easily accessible solutions for forward-looking credit unions, like Citadel.”
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 Encompass to increase productivity. 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, 2012 and most recent Quarterly Report on Form 10-Q. 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.
Citadel provides banking, investments and insurance services to 165,000 customers and 400 companies. At $2 billion in assets, it is one of the area’s largest locally owned financial institutions, proudly serving residents of Bucks, Chester, Delaware, Montgomery, and Philadelphia counties and the city of Lancaster. Visit www.citadelbanking.com for more information.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae’s all-in-one Encompass(R) mortgage management solution provides one system of record that allows banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
(c) 2014 Ellie Mae, Inc. Ellie Mae(R), Encompass(R), DataTrac(R), Ellie Mae NetworkTM, Total Quality LoanTM, TQLTM 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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