Ellie Mae acquires Mavent.
Mavent's technology is used by Fannie Mae, many leading investors and "over 100 lending institutions, including five of the 10 largest mortgage lenders in the United States," according to a release announcing the deal.
Sig Anderman, chief executive officer of Ellie Mae, said, "This is an important addition to the suite of services we offer Encompass customers." He added, "Mavent is an excellent solution for our customers. With the upcoming changes to RESPA [Real Estate Settlement Procedures Act], the new HUD-1 [Department of Housing and Urban Development settlement statement] and GFE [Good Faith Estimate], and other new regulations, compliance will be even more of a challenge for originators, lenders and investors."
Ellie Mae plans to retain Mavent personnel handling operations, product, legal and development efforts, and the company will remain based in Irvine.
"Ellie Mae and Mavent share a commitment to helping mortgage institutions profitably grow their businesses while cost-effectively managing regulatory and secondary market risks," said Louis Pizante, chief executive officer of Mavent. He said, "New and particularly complex regulation is impacting all facets of the mortgage production chain, making sophisticated and integrated compliance solutions a business requirement."
Mavent's solutions will be available as an integrated service for users of Encompass 360[TM] Mortgage Management System. The companies reported that all current Mavent business relationships will remain intact, including a strategic relationship and distribution agreement with QuestSoft, a compliance software and service provider that offers Mavent's solutions to roughly 1,500 mid-market companies.
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|Date:||Jan 1, 2010|
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