Mortgage originations technology company Ellie Mae will now be providing e-signature software to Wells Fargo Funding, the tech company announced Monday.

Wells Fargo Funding is a subsidiary of Wells Fargo Bank and operates the correspondent business line of Wells Fargo Home Mortgage. The company confirmed the announcement.

With Ellie Mae’s Encompass360 software, users will be able to electronically and securely deliver disclosure documents to borrowers and then have those borrowers electronically sign and deliver the documents back to the lender, the company said.

The software instructs the borrowers how to fill out the documents and requires them to review each document before signing the disclosure package.

"Borrowers must click on a signature point at the bottom of each page before they can proceed to the next one, and if they try to skip a page, there are error prompts that inform the borrower that a signature or initial point was missed," said Jonathan Corr, Ellie Mae’s chief strategy officer. 

"This helps ensure that borrowers review each and every page of the disclosure package."

In order to become an authorized technology vendor for Wells Fargo, Ellie Mae had to adjust its software. A borrower and co-borrower were no longer allowed to sign at the same time, and now sign sequentially.

The bank subsidiary also required that the technology be able to leave an "audit trail" to ensure that the process was compliant with any necessary rules and regulations, which the software already did, Corr said.

Ellie Mae is based in Pleasanton, Calif., and its customers include mortgage bankers, mortgage brokers, community banks, credit unions and other mortgage lenders.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect is LIVE tomorrow! Join us and thousands of your peers from wherever you are.Register Today×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription