Ellie Mae Inc.
, a Pleasanton, Calif.-based software provider for the mortgage industry, announced Thursday its acquisition of Online Documents Inc.
from Stewart Lender Services Inc.
The Concord, Calif.-based Online Documents, which provides guaranteed compliant mortgage documents, will be incorporated as an additional service in Ellie Mae's own document preparation solution, Encompass Closer.
"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," said Ellie Mae chief strategy officer Jonathan Corr. (http://www.elliemae.com)
Partnership provides fraud solutions to lenders and brokers
: BasePoint Analytics LLC
, a Carlsbad-based provider of fraud and risk management solutions, announced Monday its partnership with Comergence Compliance Monitoring LLC
. Comergence, an Orange-based outsorce solution for TPO management, will now offer BasePoint's wide range of solutions to its third-party clients, mortgage lenders and brokers.
Among the solutions Compliance offers to its clients is BrokerWatch, which compares a broker's loan risk to other brokers and assesses the risk of the broker's loans, according to BasePoint's press statement. Such solutions stop fraud and early payment default before loans are submitted by the broker or funded by the lender.
"With growing losses in the industry, many lenders exited their broker-based businesses to curb losses," said BasePoint CEO Tim Grace. "It is our hope that more companies realize the analytical resources available and implement comprehensive risk management solutions comprised of BrokerWatch to precisely identify the high risk brokers and take appropriate action before the losses are incurred..." (http://www.basepointanalytics.com
Credit unions continue to loan through origination solution:
Credit unions are bucking a national trend and aggresively pursuing mortgage lending, according to a press release by Mequon, Wis.-based origination service Mortgagebot LLC
. The service "enables lenders to take mortgage applications enterprise-wide: consumer-direct over the Internet, in the branch, through the call center, or from a professional loan officer," according to the statement.
Mortgagebot touted recent agreements with Portland-based OnPoint Community Credit Union, Dearborn, Mich.-based DFCU Financial Federal Credit Union, Ellisville, Mo.-based First Community Federal Credit Union and Westbury, N.Y.-based Nassau Educators Federal Credit Union -- with a combined $6.9 billion in assets between them. (http://www.mortgagebot.com
AllRegs and Optimal Blue announce partnership: AllRegs
, a well-known information provider for the mortgage lending industry, and Optimal Blue
, a Web-based provider of product eligibility and pricing engine, said last week they had partnered up to offer an integrated solution for loan officers.
The AllRegs LoanLibrary product, which features 2,600 products and 60 investors, will now be available to all users of Optimal Blue's Web-based product eligibility and pricing engine, under the agreement. Optimal Blue maintains, updates and delivers the current mortgage product content accessed by its customers through their automated secondary marketing platform. (http://www.allregs.com
Disclosure: The author held no relevant positions when this story was published. Indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.
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