Since joining Ellie Mae 13 years ago, Jonathan Corr’s north star has been the desire to be the leading driver of end-to-end mortgage automation. The vision that everything from the first consumer touch to the final investor delivery should be electronic meshes with Ellie Mae’s focus on leveraging technology to help lenders be successful and reduce costs.
Through Corr’s leadership, Ellie Mae has taken the leap from startup to a billion-dollar public company and trusted name in the mortgage industry. Ellie Mae’s 3,000 customers originate and fund approximately 25% of U.S. loans, and the Pleasanton, California-based company now employs more than 700 nationwide.
For Corr, the secret ingredient is his people and the reason he enjoys coming to work every day.
“I’ve been with Ellie Mae 13 years,” he said. “In the technology business that is pretty unusual. If you are succeeding, that’s nice, but the key thing is the people you work with and the problems you are trying to solve. The team that’s here is the team that has built this together. We’re fundamentally changing a massive industry that is so key to the economy of the United States.”
Corr has been instrumental in the company’s successful initial public offering in 2011, and in the acquisitions of Del Mar DataTrac, Mortgage Pricing Systems, Mavent and Online Documents Inc.
Ellie Mae hit new revenue milestones in the second quarter when it reported $65.9 million in revenue. The 65% increase far exceeded the 50% growth that investors had expected to see.
Also during the second quarter, Ellie Mae grew its market share with 127,000 Encompass active users, a 28% increase over last year. Corr attributes that growth to several large enterprise lender deals booked during the quarter. He notes that five out of every six clients use Encompass on the cloud.
Earlier this year, Ellie Mae announced the expansion of a long-term strategic partnership with Fannie Mae. This partnership will “further integrate Fannie Mae’s suite of risk management tools into Encompass, making it even more easier for our lenders to do business with Fannie Mae through a complete automated work flow that covers the entire loan cycle, from application to post closing,” he said in a Q2 earnings conference call.
The latest version of Encompass was designed to ensure mortgage lenders are in compliance with the Consumer Financial Protection Bureau’s TILA-RESPA integrated mortgage disclosures rule.
Corr has served in multiple leadership roles at Ellie Mae, including chief operating officer, executive vice president and chief strategy officer, senior vice president of product management, and most recently president in 2013.
He became CEO in February 2015, taking over for founder Sig Anderman, who continues to serve on its board of directors as executive chairman.
As a recognized thought leader in mortgage technology, Corr continues to push for end-to-end mortgage automation because it helps everyone by massively driving costs out of the process, creating a better experience for the consumer and advancing the process more quickly, he said.
“We have made tremendous progress and automation is necessary in order for lenders to effectively get loans done for their customers,” Corr said.
“Ultimately, we want to offer a great customer experience. [It’s] a process that is all about getting data from a borrower and determining the most appropriate fit for that borrower, and then using that same set of data to exchange with other parties to determine if it is truthful and accurate or not.
“Layer on the demands for transparency and regulation and cost reduction, and automation has to happen,” he said.
“Plus, consumers want it! They want to do most of the processes online, to be the right combination of high tech and high touch.”