PLEASANTON, Calif.--(BUSINESS WIRE)--Ellie Mae® (NYSE:ELLI), a leading provider of enterprise level, on-demand automated solutions for the residential mortgage industry, today announced that Union Mortgage Group, Richmond, Va., a non-bank affiliate of Union First Market Bankshares (NASDAQ:UBSH), has selected Encompass360® as its mortgage management solution.
“Increasingly, mortgage lenders are looking for end-to-end solutions to replace multiple systems that have been cobbled together and that are costing them time and money”
Union Mortgage Group is a retail mortgage lender that operates in Maryland, North Carolina, South Carolina and Virginia and originates more than $1 billion in mortgages annually. The company was using multiple solutions and evaluated loan origination systems (LOSs) for six months before ultimately selecting Encompass360 for its end-to-end capabilities.
“We wanted an LOS that was fully integrated and had automated compliance so we could focus more time on our customers. When we saw the demonstration of Encompass360, the system sold itself,” said Rob Eastep, president and chief executive officer of Union Mortgage Group. “We’ve started the implementation and expect significant improvements in our day-to-day operational efficiency and customer service once the system is fully operational.”
Union Mortgage Group is utilizing Encompass360 and its integrated Encompass Compliance Service™ through Ellie Mae’s Success-Based Pricing model. This allows the company to pay for their software and services based on the number of loans they close every month.
“Increasingly, mortgage lenders are looking for end-to-end solutions to replace multiple systems that have been cobbled together and that are costing them time and money,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “We’re pleased to help lenders like Union Mortgage Group improve their workflow and increase productivity and profits.”
About Union First Market Bankshares Corporation
Headquartered in Richmond, Virginia, Union First Market Bankshares Corporation (NASDAQ: UBSH) is the holding company for Union First Market Bank, which has 90 branches and more than 150 ATMs throughout Virginia. Non-bank affiliates of the holding company include: Union Investment Services, Inc., which provides full brokerage services; Union Mortgage Group, Inc., which provides a full line of mortgage products; and Union Insurance Group, LLC, which offers various lines of insurance products. Union First Market Bank also owns a non-controlling interest in Johnson Mortgage Company, L.L.C.
Additional information on the Company is available at http://investors.bankatunion.com
About Ellie Mae
Ellie Mae, Inc. (NYSE: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.