Mortgage technology developer Ellie Mae purchased the intellectual property, technology and other assets of Mortgage Pricing Systems, developer of the Loan Eligibility and Pricing, or LEAP, mortgage product and pricing engine.
It’s the third acquisition in as many years of a vendor with technology complementary to Pleasanton, Calif.-based Ellie Mae’s core technology, the Encompass360 loan origination system. The PPE has been rebranded Encompass Product and Pricing Service and will be integrated into the LOS.
“As we continue to expand our footprint in the mortgage space, customers have a greater dependency on product and pricing capabilities,” Jonathan Corr, Ellie Mae’s chief strategy officer, told Mortgage Technology. “In line with the strategy that we’ve laid over the last couple of years in terms of providing a compressive footprint from customer acquisition all the way to asset delivery, we focus on helping them with the investors’ expectations of quality and the regulatory changes that are coming down.”
All MPS employees and executives will join Ellie Mae in the transition. Corr declined to disclose the purchase price of the acquisition or the number of employees joining the company, but said the MCS base of operations will remain in New Jersey, as the new ownership plans to expand its East Coast presence.
