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Ellie Cuts Losses, Grows Client Base

Mortgage News

While the mortgage industry has seen originations decline this year, Ellie Mae has expanded its base of customers. Meanwhile, quarterly losses were lower.

The number active lender users utilizing the firm’s flagship Encompass platform finished June at 41,594, according to second-quarter earnings date reported Thursday. The number was more than the 41,351 users reported in the prior quarter and a 20 percent improvement form a year earlier.

Total users during the latest period included 17,588 users who access the software-as-a-service offering, more than double the level in the second-quarter 2010. Another 13,430 users subscribed to the bundled per-unit pricing model, growing 220 percent.

Out of the customers who signed on in the second quarter, 2,400 were new clients and the rest converted from being licensed Encompass users.

Ellie Mae cut its losses to $0.4 million in the second quarter from $0.8 million in the prior period and $1.3 million a year earlier.

But despite the quarterly losses, the company projects full-year net income of between $2 million and $3 million.

“We are very pleased with second quarter results across the board, and especially with revenue growth and an improved bottom line despite the more than 20 percent decline in national mortgage volume year over year,” Sig Anderman, president and chief executive officer of the Pleasanton, Calif.-based company, said in the report.

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