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.
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