Ellie Mae Inc., a vendor of origination software, has acquired Mavent Inc., a provider of compliance technology.
"In terms of what's going on in the industry, it was an opportunity that came along and fits strategically with what we think our clients need," Jonathan Corr, the chief strategy officer at Ellie Mae, of Pleasanton, Calif., told National Mortgage News. The price of the acquisition was not disclosed.
Mavent's president, Lou Pizante, initially will stay on to oversee the transition, but his future with the company has not been decided, Corr said.
Mavent, of Irvine, Calif., analyzes loan data to determine whether a mortgage complies with more than 330 federal and state consumer protection laws.