Ellie Mae Acquires Assets of Stewart Lender Services' Online Documents, Inc. Business
PLEASANTON, CA, October 2, 2008—Ellie Mae, the award-winning provider of innovative software and services for the mortgage industry, announced today its acquisition of the assets of Online Documents, Inc., one of the industry’s leading providers of guaranteed compliant mortgage documents, from Stewart Lender Services, Inc.
Ellie Mae will continue to serve current customers of Online Documents, and in the coming months will add Online Documents as an additional provider on Encompass Closer, its document preparation solution integrated within the Encompass Mortgage Management Solution. In addition, mortgage professionals will continue to see Online Documents among the many document service providers offered on the Ellie Mae ePASS Network. Prior to this acquisition, Ellie Mae’s overall documents business was expected to grow more than 25 percent in 2008.
“We’re thrilled to have Online Documents join the Ellie Mae family,” explains Jonathan Corr, Ellie Mae’s chief strategy officer. “Online Documents’ clients can expect a smooth continuation of their services with the added benefit of Ellie Mae’s support and commitment to excellence. 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 who can help extend that continuity to Online Documents’ clients.”
Currently, Online Documents, based in Concord, California, provides services to more than 500 clients nationwide, ranging from local and regional lenders to large, enterprise organizations. The acquisition agreement between Stewart Lender Services, Inc. and Ellie Mae, Inc. includes Online Documents’ employees, client relationships, technology, business operations and other assets.
“Online Documents offerings are a natural fit with Ellie Mae’s existing Encompass Mortgage Management Solution,” said Jason Nadeau, president, Stewart Lender Services. “This move will be mutually beneficial for both parties.”
Corr adds, “During this market, some companies will contract while others will gain momentum and establish themselves as true market leaders. Ellie Mae will clearly come out on top. We’ve experienced solid profitability in 2008 and are pursuing opportunities for growth.”
About Ellie Mae
Ellie Mae is an award-winning provider of software and services for the mortgage industry, offering comprehensive business solutions for mortgage brokers, mortgage bankers and lenders. The company's key offerings include the flagship Encompass Mortgage Management Solution, the Encompass WebCenter, Electronic Document Management (EDM), Encompass CenterWise™ and Encompass Closer. More than 150,000 mortgage professionals use the Encompass mortgage management solution, including two-thirds of the nation’s top 300 brokers and nine of the top 10. Ellie Mae is recognized for linking the many parties critical to the mortgage origination industry through its ePASS Network. One third of the nation's almost $2 trillion in new mortgages originated every year pass through the ePASS platform, enabling mortgage companies to easily conduct electronic business transactions with dozens of leading lenders and thousands of settlement service providers. Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362.
About Stewart Lender Services
Stewart Lender Services, Inc. (SLS), a wholly owned subsidiary of Stewart Title Company, is a leading provider of mortgage information and services that accelerate loan origination process and reduce costs associated with post closing and loan servicing functions. SLS' suite of products and services includes: credit, valuation products, nationwide title and settlement services, electronic mortgage documentation solutions and background checks. More information can be found at www.stewartlenderservices.com.
About Stewart Title Guaranty Company and Stewart Title Company
Stewart Title Guaranty Company and Stewart Title Company are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE-STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.
2008 Ellie Mae, Inc. All rights reserved. Ellie Mae, Encompass, and PASS are registered trademarks and Encompass CenterWise, and Ellie Mae Closer are trademarks of Ellie Mae, Inc. in the United States.
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