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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
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| Encompass Pricing Engine Launched
Ellie acquires Mortgage Pricing System assets
Jan. 5, 2011
By MortgageDaily.com staff
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As a result of the recent acquisition of technology assets, Encompass360 now includes an optional pricing engine. The move might not bode well for other pricing players who could be squeezed from the widely used platform.
Substantially all of the assets of Mortgage Pricing System LLC were acquired by Ellie Mae on Jan. 3, a news release said.
The acquisition included the LEAP loan eligibility and pricing product.
Ellie said that LEAP has been re-branded as an optional feature of its Encompass360.
The move puts Pleasanton, Calif.-based Ellie in direct competition with other pricing engine providers operating on the Encompass platform.
In August 2009, DocMagic Inc. claimed in a federal lawsuit that Ellie terminated it from the ePASS Network and "took drastic steps to prevent hundreds of current DocMagic/Encompass users from accessing DocMagic products through unfair and anticompetitive behaviors, including sabotaging its clients by preventing access to DocMagic through alternative (non-ePASS) Web service calls."
DocMagic expanded its lawsuit in May 2010 after Ellie filed a FORM S-1 with the Securities and Exchange Commission in connection with a planned initial public offering that disclosed details about its financial performance.
"The only financial success Ellie Mae can claim in the last two years is tied directly to the document preparation business, much of which is based on business and intellectual property stolen from DocMagic and others in violation of federal and state laws," President and Founder Dominic Iannitti said in a statement at the time.
But Ellie assured other pricing engine providers that they won't be impacted by its move.
"Ellie Mae's existing relationships with product and pricing providers on the Ellie Mae Network will not be affected so users may also maintain direct access to their choice of the approved providers on the Ellie Mae Network," the latest statement said. |
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Mortgage Technology news
Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.
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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.
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