A retail mortgage lender that operates in Maryland, North Carolina, South Carolina and Virginia has chosen a software system from Ellie Mae to manage its mortgage originations with the aim of improving the lender’s customer service, efficiency and compliance with rules and regulations, Ellie Mae said in an announcement today.
Richmond, Va.-based Union Mortgage Group originates more than $1 billion in mortgages annually. The lender had previously been using multiple products and evaluated loan origination systems for six months before choosing Ellie Mae’s Encompass360 system, the company said.
“We wanted an LOS (loan origination system) that was fully integrated and had automated compliance so we could focus more time on our customers. When we saw the demonstration of Encompass360, the system sold itself,” said Rob Eastep, president and chief executive officer of Union Mortgage Group, in a statement.
“We’ve started the implementation and expect significant improvements in our day-to-day operational efficiency and customer service once the system is fully operational.”
Union Mortgage Group, a nonbank affiliate of Union First Market Bankshares, will be able to pay for Ellie Mae’s software and services based on the number of loans the company closes each month, Ellie Mae said.
“Increasingly, mortgage lenders are looking for end-to-end solutions to replace multiple systems that have been cobbled together and that are costing them time and money,” said Ellie Mae President and COO Jonathan Corr in a statement.
“We’re pleased to help lenders like Union Mortgage Group improve their workflow and increase productivity and profits.”
Pleasanton, Calif.-based Ellie Mae is publicly traded and may be a ripe takeover target, Bloomberg news recently reported, noting that the confluence of technology and housing is creating opportunities for mergers and acquisitions.