PHH Mortgage Now Participating In Ellie Mae’s TQL Program

Posted by Patrick Barnard on March 19, 2014 No Comments
Categories : FYI

PHH Mortgage Corp. is now participating in Ellie Mae's Total Quality Loan (TQL) program for loans originated through its correspondent lending channel, Ellie Mae reports.

TQL is designed to further enhance the loan quality, compliance and salability of loans that are originated through Ellie Mae's Encompass mortgage management solution.

TQL offers a suite of services and secure, tamper-proof technology that enables users to share the findings and data from those services with investors and other stakeholders in the mortgage supply chain. In turn, investors are able to leverage the findings and data to improve their purchasing processes and acquire higher-quality mortgage assets.

Ellie Mae claims that lenders participating in the program have reported significant decreases in loan suspensions, faster decisions on acquisitions and fewer days on warehouse lines.

In 2013, PHH Mortgage closed approximately $5 billion in loans through its correspondent lending channel and was ranked the 12th largest correspondent lender in the country by Inside Mortgage Finance.

Len Patton, channel president of Correspondent Lending at PHH Mortgage, says TQL ‘will help improve the quality of the loans that we're purchasing and deliver streamlined efficiencies – for PHH Mortgage and our clients.’

Patton reports that a large number of PHH's clients use Ellie Mae's Encompass mortgage management solution and that TQL ‘will enable them to order the fraud and verification services that we require and take full advantage of delegated delivery.’

‘Meanwhile, we won't be doing double work, which will add to our operational efficiency,’ he adds.

Ellie Mae recently announced that it is expanding the scope of its TQL program to provide mortgage banks, depository banks and credit unions of all sizes a best practices workflow to promote a high level of compliance, loan quality and efficiency.

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