After turning in another stellar quarter that saw the company’s first-quarter revenue rise 68% over 2014, Ellie Mae rode a wave of positivity to new heights on Friday, closing at a record high. So why is everyone crazy about Ellie Mae?
The secondary mortgage market is staging a determined, if quiet, recovery. Our list of Secondary Market All-Stars spotlights companies at the heart of the industry who are delivering solutions and services in both the GSE and private-label market, and forging a path for others to follow.
If the first quarter is a sign of things to come, Ellie Mae could indeed be headed for another record year. After reporting record revenue in fourth quarter of 2014, with its net income rising 153% from the same period in 2013, the company reported revenue of $54.2 million in first quarter of 2015, up 68% from $32.2 million in same time period last year.
Ellie Mae is promoting two of its own into executive vice president roles. The company announced this week that it is promoting Cathleen Schreiner Gates to executive vice president of sales and marketing and Joseph Tyrrell to executive vice president of corporate strategy.
Ellie Mae understands the value of anticipating regulatory changes, instead of only reacting to them. Several company representatives sit on industry and regulatory panels and are part of the process when many new rules and regulations are formed. Ellie Mae is closely involved with the Mortgage Bankers Association, the Consumer Financial Protection Bureau and the Mortgage Industry Standards Maintenance Organization.
In the tech world a “stack” refers to all the elements of something. For the mortgage industry, the idea of the single stack is that one platform (digital, automated and based in the cloud) can either meet all of the functional requirements involved in assembling a mortgage, or can serve as an efficient moderator for the process via open APIs (application programming interface), which are now taking off within the mortgage industry.
Ellie Mae released AllRegs Market Clarity 3.0, a new version of its business information tool, which includes a new user interface that lets users compare and contrast more than 3,000 loan products from 95 different investors.
“Nearly every part of the real estate process has been transformed by technology except for home financing. Getting a mortgage is still manual, frustrating and confusing,” said Nick Stamos, CEO and founder of Sindeo..
Legacy insurers are headed toward solid ground, with some experiencing their first full year of profitability since the housing crash. New entrants, meanwhile, are raising capital, entering the fray and gaining market share. Read More
First, I’m not suggesting totally yanking FICO or Vantage Scores or anything like that. What I am recommending is the adoption of other models that would equally, or even more effectively, determine who can repay a loan. Read More