By Steve Randall
Residential mortgage software company Ellie Mae has announced that it has signed a deal to acquire AllRegs, a leading supplier of information to the mortgage industry.
Jonathan Corrs, president of Ellie Mae, told MPA that their aim has always been about making the process of arranging a mortgage more automated for originators and the acquisition helps them offer a better solution to the biggest challenge facing the mortgage industry today – compliance.
“The big question for the mortgage originator is how to arrange a loan in a cost-effective way without it coming back for compliance, regulation or quality reasons. AllRegs provides us with content that makes us even stronger in the compliance area.”
As well as helping to keep mortgage originators on the right side of the regulations, the AllRegs content provides an educational facility to users, which Corrs said makes Ellie Mae’s software a one-stop solution:
“It isn’t about having bits and pieces of solutions, it’s about having one system to help lenders keep on top of things,” Corrs said. “We’ve always had regulations, but now we have more and a lot of it has changed, and keeping on top of it is a challenge.”
Corrs has a clear view of how technology is changing the mortgage business in terms of systems to aid the process, but does he see a time when the whole application procedure is done by a consumer online without using a mortgage originator?
“Although consumers will want to do more and more themselves online – perhaps entering some of the data for it to be automatically validated – I still think they will want to deal with a trusted mortgage professional
who can make sure that the process is done the right way for them,” he said. “The lenders that facilitate customers who want to do more for themselves will differentiate themselves, as it’s about supporting the customer in the way they want to do business.”