The mortgage technology firm Ellie Mae has launched a mortgage origination product designed to help mortgage-originating CUs both manage their compliance burden and produce mortgages that can more easily move to the secondary market.
The "Total Quality Loan" program builds upon the firm's Emcompass360 mortgage origination platform that Jonathan Corr, chief strategy officer for the firm, said between 400 and 500 credit unions use already.
The TQM platform will allow CU users to do two things, according to Corr. First, it will more easily make sure the credit union's mortgages comply with the new regulations that are coming in the wake of the financial reform legislation. Second, it will enable investors down the line who might want to buy the loan to find data about it more easily.
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