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Items Tagged with 'Ellie Mae'

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Ellie Mae 2Q14 earnings overcome outages

Encompass users increase 12% y/y
July 31, 2014
Ellie Mae recorded an increase in its second-quarter earnings despite additional operating expenses from its outages experienced at the end of March.
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Where is Ellie Mae moving?

Second-quarter earnings coming soon
July 21, 2014
After experiencing a temporary service outage of its origination system back in March, Ellie Mae is posting strong improvements and actually moving into a new headquarters to accommodate its growing workforce.
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Despite mortgage reductions, Huntington earnings rise

Mortgage-banking income fell $11 million
July 18, 2014
Huntington Bancshares posted a second-quarter net income of $165 million, up $14 million, or 9%, from last year. However, mortgage-banking income fell $11 million, or 33%, reflecting a 49% reduction in originations and secondary marketing revenue.
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GIF: 4 charts, 1 changed housing market

Purchase vs. refinance
July 17, 2014
Although rates have managed to stay surprisingly low, this is the first time since 2000 that the purchase market is dominating the mortgage market.
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Ellie Mae origination report shows uptick in closure rate

New report now includes VA loans
June 19, 2014
Ellie Mae’s Origination Insight Report for May 2014 has been revised to include analysis of VA loans, mortgages made by private lenders, which are backed by the Department of Veterans Affairs, and expanded Federal Housing Administration and conventional loan data.
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Ellie Mae announces $75 million stock buyback program

Company currently has over 28 million diluted shares outstanding
May 27, 2014
Under the program, purchases may be made from “time to time” on the open market over the next 36 months, and will be funded from the company’s available working capital.
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Ellie Mae revises operating expenses due to outage

Expenses range from $3 million to $4 million
May 2, 2014
After Ellie Mae’s loan origination system shut down for users at the end of March, the company had to revise its operating expenses to handle the added bump in capital spending.
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Outage barely dents Ellie Mae earnings

Earnings match analysts expectations
May 1, 2014
Ellie Mae reported a first-quarter revenue of $32.2 million compared to $30.9 million for the same period a year ago, overcoming the effects of its recent outage at the end of March.
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From HW Magazine

People in this business need to change

Training employees should never end
May 1, 2014
The recent blackout of Ellie Mae’s Encompass360 on the last day of March served as a stark reminder of the vulnerabilities of the mortgage tech sector to Distributed Denial of Service attacks. While Ellie Mae would later declare that no such attack happened, the thought still sticks.
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Remember Ellie Mae’s cyber attack? It didn’t happen

No evidence of malicious attack found
April 14, 2014
The company initially said that the characteristics of the outage appeared to be consistent with a distributed denial of service attack. Now the company’s CEO is apologizing to its clients.
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