Ellie Mae (ELLI) has completed its acquisition of AllRegs in a deal that originally reported to be an all-cash transaction for $30 million.
The deal was initially announced in August. “AllRegs has built a strong reputation as the industry’s source for investor guidelines, compliance resources and education,” said Sig Anderman, chief executive officer of Ellie Mae said when the deal was initially announced.
“With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings,” Anderman continued. “This strategic acquisition enhances Ellie Mae’s compliance leadership and furthers our goal to be the company that powers the entire mortgage industry.”
AllRegs' place within the industry is strong. AllRegs is the exclusive electronic publisher of underwriting and loan product guidelines for Fannie Mae, Freddie Mac, Wells Fargo Home Mortgage, Citigroup, JPMorgan Chase, the Federal Home Loan Bank of Chicago, U.S. Bank Home Mortgage and Flagstar Bank.
Earlier this week, AllRegs was also named the official publisher for Federal Housing Administration single-family policies. The FHA’s agreement with AllRegs includes publishing, training, customer services and project management.
Now, AllRegs is now part of Ellie Mae. Ellie Mae will retain AllRegs employees and offices, the company said.
“At a time when compliance has become mission critical for mortgage lenders, the acquisition positions Ellie Mae as the leading source of mortgage management technology, investor guidelines, compliance resources and education to help lenders achieve compliance, loan quality and efficiency,” Ellie Mae said in a release announcing the completion of the deal.
"Now more than ever, the mortgage industry is in need of an all-in-one provider that helps lenders achieve compliance while producing quality loans with great efficiency,” said Jonathan Corr, president and COO of Ellie Mae. "While compliance has always been a top priority at Ellie Mae, this acquisition of AllRegs solidifies our role as a trusted partner for all of a company's technology and compliance needs.”
Jeff Hoerster, who was the president of AllRegs, will assume the role of Ellie Mae’s vice president and general manager, AllRegs.
“The combination of AllRegs’ mission critical content, tools and services with the market leading compliance and mortgage management technology provider, Ellie Mae, will be a game changer for the industry,” Hoerster said.