Ellie Mae acquires assets of Stewart Lenders Services Online Documents businessMortgagePress.comEllie Mae, Online Documents, Stewart Leneder Services, Encompass Closer
Ellie Mae, the award-winning provider of innovative software and
services for the mortgage industry, announced today its acquisition
of the assets of Online Documents Inc., one of the industry's
leading providers of guaranteed compliant mortgage documents, from
Stewart Lender Services Inc.
Ellie Mae will continue to serve current customers of Online
Documents, and in the coming months will add Online Documents as an
additional provider on Encompass Closer, its document preparation
solution integrated within the Encompass® Mortgage Management
Solution. In addition, mortgage professionals will continue to see
Online Documents among the many document service providers offered
on the Ellie Mae ePASS Network. Prior to this acquisition, Ellie
Mae's overall documents business was expected to grow more than 25
percent in 2008.
"We're thrilled to have Online Documents join the Ellie Mae
family," explains Jonathan Corr, Ellie Mae's chief strategy
officer. "Online Documents' clients can expect a smooth
continuation of their services with the added benefit of Ellie
Mae's support and commitment to excellence. We have a formal plan
in place to ensure a seamless transition throughout the transfer of
assets of the company, which includes retaining many of Online
Documents' key customer-facing staff who can help extend that
continuity to Online Documents' clients."
Currently, Online Documents, based in Concord, Calif., provides
services to more than 500 clients nationwide, ranging from local
and regional lenders to large, enterprise organizations. The
acquisition agreement between Stewart Lender Services, Inc. and
Ellie Mae, Inc. includes Online Documents' employees, client
relationships, technology, business operations and other
assets.
"Online Documents offerings are a natural fit with Ellie Mae's
existing Encompass Mortgage Management Solution," said Jason
Nadeau, president, Stewart Lender Services. "This move will be
mutually beneficial for both parties."
Corr adds, "During this market, some companies will contract
while others will gain momentum and establish themselves as true
market leaders. Ellie Mae will clearly come out on top. Weve
experienced solid profitability in 2008 and are pursuing
opportunities for growth."
For more information, visit www.EllieMae.com.
