Ellie Mae Agrees to Buy AllRegs for $30M
Ellie Mae has agreed to buy AllRegs, an electronic publisher of underwriting guidelines.
The Pleasanton, Calif.-based company will pay $30 million in cash for AllRegs. The deal is expected to close within 90 days.
The purchase will expand EllieMae's foothold in the market for mortgage information services. It will also expand the company's regulatory compliance offerings.
"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," said Sig Anderman, the company's chief executive, in an Aug. 8 press release.
AllRegs provides a suite of information services for lenders, including a library of federal and state compliance standards. They also produce an online database of more than 3,000 loan products.
Additionally, the company provides professional services, including professional training for mortgage certifications and assistance with risk mitigation.
AllRegs, based in Eagan, Minn., was established in 1989 as a regulatory reference library.