The mortgage industry’s curator of lending guidelines is being acquired by the developer of widely used origination software.
Ellie Mae Inc. disclosed Thursday that it has reached a definitive agreement to acquire AllRegs in an all-cash deal.
AllRegs says it is the exclusive electronic publisher of underwriting and loan product guidelines for Fannie Mae and Freddie Mac as well as Wells Fargo Home Mortgage, Citigroup Inc. and JPMorgan Chase & Co. — among other lenders.
AllRegs was first introduced in 1989.
Ellie will inherit more than 3,000 AllRegs client companies such as mortgage-related firms, investors and regulators. Its client roster reportedly includes virtually all the top 100 lenders.
The purchase of Eagan, Minn.-based AllRegs is expected to expand Ellie’s “position as the industry’s market leader of mortgage technology, content and services.”
The acquisition, which will cost Pleasanton, Calif.-based Ellie $30 million, is expected to close within the next 90 days.
“This strategic acquisition enhances Ellie Mae’s compliance leadership and furthers our goal to be the company that powers the entire mortgage industry,” Ellie Mae Chief Executive Officer Sig Anderman said in the announcement.
Ellie, a Mortgage Daily advertiser, reports that approximately 3.5 million loan applications were run through its Encompass mortgage management solution and Ellie Mae Network last year.
