Wachovia Mortgage Integrates to Ellie Mae's ePASS Network
Leading mortgage banker seeks to streamline loan submission process and grow market share
DUBLIN, CA—March 29, 2006—Ellie Mae, an award-winning provider of innovative software and services for the mortgage industry, has announced that Wachovia Mortgage Corporation, the residential unit of Charlotte, North Carolina-based Wachovia Corporation, the nation's fourth largest bank holding company, is now connected to Ellie Mae's ePASS Network. The ePASS Network is the industry's leading transaction platform for conducting eCommerce with lenders and settlement service providers. Wachovia's integration with Ellie Mae's network makes them accessible to the 17,000 brokerages using leading loan origination solutions such as Encompass®, Genesis 2000®, and Contour.
"Wachovia Mortgage is committed to making it easier for brokers and correspondents to do business with us," said Steve Hewins, strategic initiatives leader of Third Party lending at Wachovia Mortgage Corporation. "As the industry contracts, the lenders that make it easy to do business will be the winners."
"We see integration to Ellie Mae's loan origination systems as a great way of adopting new brokers," said Hewins. "Now there's no need for the originator to leave their LOS to submit or lock a loan with Wachovia. I'm expecting incredible response."
Ellie Mae's ePASS Network seamlessly and securely connects mortgage originators with over 2,200 lenders and settlement service providers across the nation. Without ever leaving their loan origination system, mortgage originators can access these lenders and service providers through a single Internet-accessible interface. This eliminates the need for file exports, and the need to re-enter data that is already in the loan origination system.
"The addition of a major lender such as Wachovia Mortgage to the ePASS Network is a big win for mortgage originators," explains Dominique Jolley, director of partner marketing at Ellie Mae. "Originators can now submit loans to Wachovia's wholesale and correspondent divisions with the same ease as submitting to the other leading lenders integrated in our network."
About Wachovia Mortgage Corp.
Wachovia Mortgage Corporation (WMC) is a wholly owned subsidiary of Wachovia Corporation. It has approximately 3,000 staff and a current revenue base of more than $480 million annually. WMC originated more than $23 billion in mortgages in 2005 and employs nearly 950 sales staff across the United States providing a full spectrum of mortgage and home equity products.
About Ellie Mae, Inc.
Ellie Mae is an award-winning provider of software and services for the mortgage industry, which was recently named to the Inc. 500 list of America's fastest growing private companies. Ellie Mae provides a comprehensive line of products and services including the company's flagship Encompass® mortgage automation system, Contour™ and Genesis 2000® loan origination software, Encompass Websites™ for mortgage brokers, and Ellie Mae Docs™ services for document processing. Ellie Mae's ePASS® Network is the mortgage industry's online transaction platform enabling all mortgage companies in the United States to easily do business online with dozens of leading lenders and thousands of settlement service providers. Ellie Mae is based in Dublin, California. To learn more about Ellie Mae, visit www.elliemae.com or call (888) 955-9100.
Ellie Mae, Encompass, ePASS, and Genesis 2000 are registered trademarks, and Contour, Executive Websites, and Ellie Mae Docs are trademarks, of Ellie Mae, Inc. All rights reserved.
Ellie Mae, Inc. and its products are not affiliated or associated with Calyx Software or Point. Point is a registered trademark of Calyx Software.
Wachovia Corporate Communications