Industry News

Ellie Mae mortgage technology gains market share

EPass handles record 1.4 million borrower files in first quarter

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  More than 19,000 mortgage origination companies used Ellie Mae's ePass technology to handle transactions for a record 1.4 million unique borrower files in the first quarter 2004, the company reported today.   Dublin, Calif.-based Ellie Mae's ePass Web transaction platform links third-party originators to their wholesale lenders and settlement service providers.   The ePass integration provides lenders with direct, secure Internet connections to online loan submissions, and enables them to connect to mortgage professionals accounting for 90 percent of all loans originated industry-wide. Lenders can receive loans electronically from originators in any format, including Fannie Mae/Freddie Mac file format, PDF and XML. Loans can be transmitted through an auto-import link to the lender's wholesale Website or directly into the lender's processing system.   "We are seeing significant momentum in the lender community," said Richard Roof, SVP of lender Services for Ellie...