Positive hits keep coming for Ellie Mae (ELLI), which is enjoying a nice ride today, up 4.6% at the latest.
After reporting fourth-quarter earnings on Feb. 14 that more than doubled, more good news came from the provider of automated residential mortgage solutions yesterday.
Ellie Mae announced that New American Funding had chosen to use its Encompass360 system. New American Funding operates in 22 states and provides $400 million a month in loans with a portfolio of nearly $2 billion.
At today’s price, Elli Mae is trading at 19 times its forward earnings.
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