Ellie Mae, a provider of loan processing software for mortgage brokers, bankers and other third-party originators, says that the U.S. Patent and Trademark Office has issued the company a patent for the exchange of data between mortgage originators and their lender and settlement service partners.
The patent was granted to Ellie Mae's ePASS technology, a platform that allows loan originators to transmit mortgage information via the Internet to lenders and other partners directly from the originators' loan origination software. With ePASS, which uses integrated Web browser technology, all information is transmitted in a format that is fully compatible with the partners' systems.
The patent – U.S. Patent number 7,444,302 titled ‘Online System for Fulfilling Loan Applications from Loan Originators’ – was issued on Oct. 28 and represents the first in a series of patent applications filed by Ellie Mae.
Source: Ellie Mae