In a move that will strengthen its capabilities in the area of mortgage automation, Ellie Mae is acquiring mortgage doc and data firm Capsilon for an undisclosed sum.
Capsilon’s AI-powered mortgage automation software is geared for mortgage lenders, investors and servicers. Essentially, it captures data from any source, including scanned loan docs, scrubs it and securely stores it in a centralized repository. Two years ago, the firm introduced a mortgage origination platform with bundled POS. Ellie Mae says by combining Capsilon’s solutions with its Encompass loan origination platform it will “create the most comprehensive end-to-end SaaS solution for companies in the mortgage industry.”
“With the delivery of our next generation lending platform, we are accelerating our mission to automate everything automatable for the residential mortgage market,” says Jonathan Corr, president and CEO of Ellie Mae, in a release. “This includes making strategic acquisitions of best-in-class solutions to bring more value to the platform and the ecosystem faster.
“As lenders and servicers continue to shift toward data-driven automation, we are excited to provide automated document recognition, classification and data extraction to further drive down costs and time of loan origination, acquisition and servicing,” Corr adds.
The acquisition may have also broadened Ellie Mae’s customer base, as Capsilon’s technology is used by six of the top 10 originators and servicers.
Capsilon recently introduced Instant Underwriter, an autonomous underwriting engine that leverages AI, data extraction and process automation to complete underwriting tasks in seconds.
In April, private equity investment firm Thoma Bravo completed its acquisition of Ellie Mae for approximately $3.7 billion. That deal was first announced in February.
