Upcoming RESPA-TILA compliance played major role in regional bank’s decision
PLEASANTON, Calif. – April 8, 2015 – (RealEstateRama) — Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced that Independent Bank has chosen Ellie Mae’s Encompass all-in-one mortgage management solution as its platform for originating mortgages.
Based in Ionia, Michigan, Independent Bank is a full-service mortgage lender with 64 branch locations throughout Michigan and $2.3 billion in total assets. The company had been using the same technology platform for originating mortgages since 1999. However, with new federal regulations requiring lenders to make major changes to the disclosures they provide borrowers, the company decided it was a good time to consider its alternatives, according to Russ Daniel, senior vice president of lending for Independent Bank.
After other lenders referred Independent Bank to Ellie Mae, company officials considered two alternatives in addition to Encompass by Ellie Mae. After closely weighing the attributes and functionality of all three systems, Ellie Mae’s Encompass solution emerged as “the clear winner” due to its integrated compliance features and its ability to interface with Independent Bank’s core systems.
“One of the biggest benefits was that Ellie Mae’s Encompass is a fully-integrated, all-in-one solution with a huge focus on compliance,” Daniel said. “In fact, before we had even looked at Encompass, members of my team had been attending Ellie Mae’s free webinars on RESPA-TILA compliance. With these new lending requirements about to take effect, it’s a huge confidence booster to know we have a partner like Ellie Mae working behind the scenes to guide us through these changes.”
“The fact that more large regional banks are switching to Encompass because of its compliance features is a sign of how serious these upcoming regulatory changes are,” said Jonathan Corr, president and CEO of Ellie Mae. “Companies the size of Independent Bank do not change their mortgage platforms very often. The fact that they are choosing Ellie Mae demonstrates our ability to help lenders achieve loan quality, efficiency and compliance in every loan they sell.”
ABOUT ELLIE MAE
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae’s all-in-one Encompass® mortgage management solution provides one system of record that allows banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
ABOUT INDEPENDENT BANK CORPORATION
Independent Bank Corporation (Nasdaq Symbol: IBCP) is a Michigan-based bank holding company with total assets of approximately $2.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation now operates convenient locations across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and title services. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves. For more information, please visit our website at: www.IndependentBank.com.
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