Software provider Ellie Mae has acquired Mavent Inc., a provider of automated compliance solutions.
Mavent's automated compliance solutions will be available as an integrated service for users of Ellie Mae's Encompass360 Mortgage Management System, Ellie Mae says. All current Mavent business relationships will stay intact, including the strategic relationship and distribution agreement with QuestSoft, the mortgage compliance software and service provider that offers Mavent's solutions to about 1,500 mid-market companies.
Ellie Mae plans to retain Mavent personnel handling operations, product, legal and development. The company will continue to be based in Irvine, Calif.
"This is an important addition to the suite of services we offer Encompass customers," says Sig Anderman, Ellie Mae's CEO. "More than ever before, compliance is critical. There is no room for error, and the exposure for everyone involved in the mortgage origination process is significant."
SOURCE: Ellie Mae