Monona State Bank in Wisconsin has selected Ellie Mae's mortgage software.
The $354 million-asset bank has begun using Encompass360, Ellie Mae's system for managing mortgage originations and servicing, the financial technology company announced Tuesday. The bank had previously been using several different mortgage systems.
Monona State Bank originated $130 million worth of mortgages in 2012, and services a portfolio of approximately $295 million, according to the news release. Encompass 360 allows banks to automate their compliance, origination and servicing operations.
"When we learned that our prior doc prep system would no longer be available at the end of the year, we decided to make the move to one end-to-end solution," said Marcia Howe, senior vice president of mortgage lending at Monona State Bank, in the news release. "Other systems claim to be end-to-end, but then they bill everything separately. With Ellie Mae, what you see is what you get."