Industry News

Ellie Mae adds real estate loan servicing ability

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Mortgage technology provider Ellie Mae has added loan-servicing capability to its Encompass Mortgage Automation System through a new partnership with Multi Financial Services Co., the company said Thursday. Under the partnership, Multi Financial Services Co. will integrate its Trakker Loan Servicing Software with the Encompass system, enabling loan brokers using the system to service conventional and non-conventional loans, along with existing functionality. According to Dublin, Calif.-based Ellie Mae, the integration of Encompass and Trakker responds to broker demand to service loans. "In the last five years, the market has changed considerably for brokers," explains Terry Ryan, president of Multi Financial Services, based in Tallahassee, Fla. "Instead of selling and immediately table funding to outside investors like Fannie Mae, brokers of all sizes can be seen holding onto a group of loans for interim servicing. They collect one, two or three payments until they aggregate enough ...