Ellie Mae

Ellie Mae
Public
Traded as NYSE: ELLI
Industry Technology – Application Software
Founded 1997
Headquarters Pleasanton, California, United States
Key people

Sigmund Anderman
( Chairman of the Board)
Jonathan H. Corr
( President and CEO)
Limin Hu Ph.D. ( Chief Technology Officer)

Edgar A. Luce ( Chief Financial Officer) (Nov. 21, 2014)
Services automated solutions for the residential mortgage industry
Revenue $ 253,937,000 (Dec 31, 2015)[1]
Website www.elliemae.com

Ellie Mae, Inc. is a software company that processes almost a quarter of U.S. mortgage applications.[2] The services are based on a software as a service model (SaaS)[3] that streamlines and automates the process of originating and funding new mortgage loans and facilitating regulatory compliance. The company was founded in 1997 by Limin Hu and Sigmund Anderman and is headquartered in Pleasanton, California.[4]

Acquisitions

Operations

In January 2014, Ellie Mae finally completed the acquisition of MortgageCEO (focusing on CRM).[5] Also in January 2014, Ellie Mae completed the acquisition of ARG Interactive, LLC.[6] In 2008 Ellie Mae acquired the assets of Online Document Systems Inc. from Stewart Lender Services Inc. Since 2008 it has acquired Mavent Inc. (2009), Del Mar DataTrac (2011), Mortgage Pricing Systems (2011), MortgageCEO (2013), and AllRegs, an Eagan, Minnesota-based information provider for the mortgage industry (2014).[7][8]

In September 2013, Ellie Mae introduced the updated mortgage-management system Encompass360 to help underwriters comply with the latest federal mortgage rules in beginning in 2014. This system features debt-to-income calculators, discount assessment, & tools for evaluating a given loan's quality.[9]

In 2009, Ellie Mae was accused by DocMagic, a document management system, of violating antitrust and intellectual property laws around actions taken when the vendor agreement between the two companies expired. They settled the lawsuit after 3 years of litigation.[10]

Products and services

The company’s Ellie Mae Network connects mortgage lenders, investors, and service providers. The Ellie Mae Network provides Encompass to combine loan origination, business management, and customer relationship management. Encompass solutions include the Ellie Mae TQL Services tool (within Encompass for fraud detection, valuation, and risk analysis), Encompass CenterWise (a bundled offering of Encompass WebCenter and Encompass Enterprise Document Management (EDM)), Encompass WebCenter (providing professional websites), Encompass TPO WebCenter (web-based extension of Encompass for third-party originators), Encompass Docs Solution, Encompass Compliance Service, Encompass Product and Pricing Service, & Encompass 4506-T Service (tax transcript services).[11]

Awards

October 2013 – Ellie Mae won the 2013 Lenders’ Choice Mortgage Technology Award.[12] Mortgage Technology Magazine’s 2009 Release of the Year Award; Top 50 Service Provider in 2007, 2008 and 2009, won the Synergy Award in 2006, Top 25 Vendor in 2006, Top 100 Vendor in 2004 and 2005, and Top Three FIX-IT and Synergy Companies in 2003 and 2005. All of the awards are presented by Mortgage Technology Magazine.

References

  1. ↑ NASDAQ Profile
  2. ↑ Howley, Kathleen (October 30, 2014). "Ellie Mae Soars 44% as Home Lenders Embrace E-Signatures". Bloomberg.com. Retrieved 22 May 2015.
  3. ↑ "Business Summary".
  4. ↑ Staff. "Ellie Mae". Forbes.com. Forbes. Retrieved 22 May 2015.
  5. ↑ "Ellie Mae finalizes MortgageCEO acquisition".
  6. ↑ "Company Description".
  7. ↑ http://nationalmortgageprofessional.com/news50938/Ellie-Mae-Set-Acquire-AllRegs
  8. ↑ http://tcbmag.com/News/Recent-News/2014/August/Eagan-Based-Mortgage-Info-Provider-Sold-For-$30M
  9. ↑ "Ellie Mae to Update Mortgage Platform for New Mortgage Rules".
  10. ↑ Kilgore, Austin (October 10, 2012). "DocMagic, Ellie Mae Settle Lawsuit". Retrieved 22 May 2015.
  11. ↑ "Company Full Description".
  12. ↑ "Ellie Mae Wins The 2013 Lenders’ Choice Mortgage Technology Award". Archived from the original on 2014-03-06.
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