PLEASANTON, Calif.--(BUSINESS WIRE)--Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced that First Federal Lakewood, the largest independent mutual bank headquartered in Ohio, has chosen Ellie Mae’s Encompass® mortgage management solution as its platform for originating mortgages.
Based in Lakewood, Ohio, First Federal Lakewood is a mutual bank with nearly $1.6 billion in assets, 19 branch locations and 12 mortgage lending offices in Ohio. According to Mary Ann Stropkay, senior vice president of residential lending, First Federal Lakewood had grown its mortgage lending volume fivefold over the past five years and needed an integrated technology solution that could handle its future growth and keep up with continually changing compliance regulations.
"Ellie Mae’s Encompass was a natural fit for us because it is trusted by many other banks, and there is a certain comfort to having a system that is backed by the collective experience of institutions like ours,” Stropkay said. “It also met our goals of keeping our customers engaged in the mortgage process from start to finish and helping us move to a paperless environment.”
For its mortgage platform, First Federal Lakewood considered 10 different providers including Ellie Mae. It selected Encompass for its ability to streamline and automate the entire mortgage process in addition to its integrated compliance and paperless features.
“More and more independent banks like First Federal Lakewood are growing their mortgage operations with great success, yet finding themselves in need of a technology partner that is capable of handling greater volume while maintaining compliance,” said Jonathan Corr, president and COO of Ellie Mae. “The fact that First Federal Lakewood selected Ellie Mae as its technology partner over nine other providers means a lot to us. We are very pleased to partner with First Federal Lakewood and look forward to helping the bank achieve even greater success.”
About Ellie Mae
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae’s all-in-one Encompass® mortgage management solution provides one system of record that allows banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
About First Federal Lakewood
First Federal Lakewood is the largest independent mutual bank headquartered in Ohio with assets of almost $1.6 billion. With 19 full-service branch locations and 12 mortgage lending offices throughout Ohio, First Federal Lakewood provides deposit, lending, residential mortgage lending, cash management and investment services to individuals and businesses. Since 1935, First Federal Lakewood has been a stable community owned bank committed to deploying funds that foster local economic growth. For more information visit www.FFL.net.
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