Mortgage industry software solutions and services provider Ellie Mae says it has an agreement to acquire AllRegs, whose loan product and guideline data and analytics are used by more than 3,000 companies including mortgage lenders, brokers, investors, servicers, regulators and law firms, for $30 million in cash.
“AllRegs has built a strong reputation as the industry’s source for investor guidelines, compliance resources and education,” said Ellie Mae CEO Sig Anderman, in a statement announcing the deal, which is expected to close in the next 90 days. “With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings. This strategic acquisition enhances Ellie Mae’s compliance leadership and furthers our goal to be the company that powers the entire mortgage industry.”
AllRegs is the exclusive electronic publisher of underwriting and loan product guidelines for Fannie Mae, Freddie Mac, Wells Fargo Home Mortgage, Citigroup, JPMorgan Chase, the Federal Home Loan Bank of Chicago, U.S. Bank Home Mortgage and Flagstar Bank N.A. The company’s online product database, AllRegs Market Clarity, compares 44 loan product attributes of more than 3,000 products for 95 different investors.
Ellie Mae’s Encompass mortgage platform allows banks, credit unions and mortgage lenders to originate and fund mortgages with improved compliance, loan quality and efficiency.
Last month Ellie Mae rolled out a self-service platform, Encompass Consumer Direct, that lets borrowers comparison shop for loans by rates and terms, order and pay for credit reports, apply for a loan, receive disclosures and status updates from lenders, and upload and electronically sign documents.