Ellie Mae, a Pleasanton, Calif.-based provider of on-demand software solutions and services for the residential mortgage industry, has signed a definitive agreement to acquire AllRegs, an Eagan, Minn.-based information provider for the mortgage industry, for $30 million. The acquisition of AllRegs is Ellie Mae’s sixth corporate purchase in six years. “It’s a great company,” said Jonathan Corr, Ellie Mae’s president and chief operating officer, in an interview with National Mortgage Professional Magazine.
“It is a strategic acquisition for us, as AllRegs expands our position as the market leader in mortgage technology.”
AllRegs' information management solutions are used by more than 3,000 companies representing every facet of mortgage banking: Major lenders and investors, regulators, federal and state agencies, brokers, mortgage services vendors and law firms. AllRegs' product offerings include education and training, loan product and guideline data and analytics, and the AllRegs online reference library that includes investor underwriting and insuring guidelines, federal and state statutes and regulations, Mortgage Mentor “how to” guides and plain language interpretation and analysis.
“This acquisition perfectly complements what we do,” Corr continued, stating that Ellie Mae will retain the AllRegs brand name in offering the AllRegs products and services to the Ellie Mae customer base.
In the past six years, Ellie Mae has acquired the assets of Online Document Systems Inc. from Stewart Lender Services Inc. (in 2008), Mavent Inc. (in 2009), Del Mar DataTrac (in 2011), Mortgage Pricing Systems (in 2011), MortgageCEO (in 2013). “We’ve been a busy bunch of beavers!” said Corr, with a laugh, over the company’s multiple acquisitions.
The transaction is expected to close within 90 days and is subject to customary closing conditions. Ellie Mae added that because of the anticipated timing of closing, the acquisition is expected to have a minimal impact on its third quarter results.