Plaid and Ellie Mae Partner to Digitize Mortgage Application Process

SAN FRANCISCO, March 7, 2017 /PRNewswire/ -- Plaid and Ellie Mae ELLI today announced a new partnership to provide users of the newly launched Ellie Mae Encompass Consumer Connect Platform with near-instant asset verification capabilities.

Plaid, the technology company whose suite of Application Program Interfaces (APIs) powers many of the largest and fastest-growing companies in financial technology, and Ellie Mae, a leading provider of innovative mortgage industry solutions and services, formed the partnership to create a more automated and efficient way for lenders to help potential borrowers traverse the mortgage application process more seamlessly. With the integration, mortgage lenders will be able to verify the financial assets of borrowers almost instantly.

"We're excited to bring Plaid into the Ellie Mae Encompass Lending Platform and  to make their asset verification service available through our new Encompass Consumer Connect platform. With the upcoming launch, borrowers will be able to verify their assets in seconds, eliminating  manual uploads and saving time in the process," said Joe Tyrrell, Executive Vice President of Corporate Strategy at Ellie Mae. "The digitized technology offering will ultimately improve the borrower experience and help turn their interest into applications through a seamless process."

"We're excited to partner with Ellie Mae to help evolve the mortgage industry," said Zach Perret, CEO & Co-founder at Plaid. "Historically, the mortgage application process has been manual, frustrating, time-consuming, and inefficient for everyone involved. We built Plaid to help enable innovation and create seamless and secure user experiences for customers – and this partnership is a great example of doing exactly that. We're excited for the value this will bring to financial institutions and consumers alike."

Since its founding in 2012, Plaid has set out to enable innovation throughout financial services. Plaid's technology infrastructure allows innovators to create new products and applications that connect consumer's bank accounts with the financial applications they use to better their financial lives. Applications powered by Plaid benefit tens of millions of consumers.

Ellie Mae's newly launched Encompass Consumer Connect solution also gives lenders the ability to deliver a fully branded and unique self-service online loan origination experience for homebuyers. Ellie Mae lenders, partners and independent software vendors are now equipped with additional APIs and developer resources to build more custom and innovative applications.

Plaid launches the partnership with Ellie Mae at the Ellie Mae Experience conference March 6-8, 2017 in Las Vegas, Nevada.

About Plaid:
www.plaid.com
Plaid is a technology platform that enables applications to connect with users' bank accounts. We focus on lowering the barriers to entry in financial services by making it easier and safer to use financial data. We build beautiful consumer experiences, user-friendly infrastructure, and intelligence tools that give everyone the ability to develop the future of financial services.

About Ellie Mae

Ellie Mae ELLI is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Mortgage lenders of all sizes use Ellie Mae's Encompass^® all-in-one mortgage management solution, Mavent Compliance Service, and AllRegs research, reference and education resources to improve compliance, loan quality and efficiency across the entire mortgage lifecycle. Visit EllieMae.com or call (877) 355-4362 to learn more.

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SOURCE Plaid