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Ernst Tech Powers Closing Cost for Ellie Mae Users

Ernst Tech Powers Closing Cost for Ellie Mae Users

Partnership announced last October now gives Ellie Mae Users access to powerful technology 

ALBANY, NY—May 8, 2017—Ernst Publishing Company, the leading provider of technology and closing cost data for the real estate and home finance industries for the past 27 years, has released information from a customer study showing that users of Ellie Mae’s loan origination technology -- who got access to Ernst technology and closing cost data through a partnership announced last October -- are taking advantage of the company’s custom title solutions more than initially anticipated. All of Ellie Mae’s customers can now access Ernst’s patented closing cost and fee engine.

 

“Our technologies are seamlessly integrated with Ellie Mae’s, giving our joint customers easy access to the fee information they need to process their loans in full compliance,” said Gregory E. Teal, president and chief executive officer of Ernst Publishing. “Our solution enables clients to use Ernst’s preconfigured title and settlement network. While our solution works perfectly as configured, providing fees from a national network of title companies, most companies are choosing to customize our programs to provide information from the specific title and settlement agents with whom they already have relationships.”

 

Ernst’s Settlement Agent Gateway is a collaborative fee management system that allows settlement agents to work with lenders to negotiate fees and then manage these fees in a web-based tool through which they certify the accuracy of their fees and then make them available to lenders who need to provide Loan Estimates required under the new requirements. The system allows lender to customize their panel of settlement agents in advance and then choose which agent to use on a loan-by-loan basis.

 

Ellie Mae enjoys significant market share in the mortgage technology space and while the two companies already share many customers, this new partnership provides all of Ellie’s customers with easy access to the technology they need to comply with the CFPB’s TRID rules and other regulations.

 

Ernst programs processed 250 million real estate transactions in 2016, making it the most used technology of its kind in the industry. Since the company was founded 27 years ago, Ernst has processed well over 1 billion transactions and unveiled dozens of technologies and products that produce efficiency across the real estate industry. CEO Gregory E. Teal is a Mortgage Banking magazine Tech All-Star. The firm estimates that its patented technology is in use for 90% of the nation’s new loan originations and refinance transactions.

 

About the Ernst Publishing Company

The Ernst Publishing Company has been the leading authority on land recording requirements for more than two decades. In fact, Ernst’s recording fee, transfer tax and title data have been integrated throughout the title and lending industries. Legal requirements have made accurate recording fees and taxes for recording documents more important than ever. Ernst excels at creating solutions for their clients to manage not just those fees—but also all vendor fees—with unparalleled precision. As a company, our goal is simple: Empower clients to not only meet CFPB’s new compliance regulations for the Loan Estimate, but set the industry standard for client satisfaction, an attainable goal due to our patented technology, impeccable data standards, expertise at creating custom solutions, and network of partners. Ernst’s patented solutions are trusted and used by 9 of the nation’s top 10 mortgage servicers, all 5 of the top title underwriters and 9 out of 10 mortgage originators nationwide, including 9 of the 10 largest banks.

 

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Media Contact:

Rick Grant

570-497-5850

rick.grant@rga-pr.com

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