Ellie Mae, a provider of innovative software and services for the mortgage industry, recently acquired the assets of Online Documents, Inc., one of the industry’s leading providers of guaranteed compliant mortgage documents from Stewart Lender Services.

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,” said 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, the president of Stewart Lender Services.  “This move will be mutually beneficial for both parties.”

“During this market, some companies will contract while others will gain momentum and establish themselves as true market leaders," Corr added. "Ellie Mae will clearly come out on top.  We’ve experienced solid profitability in 2008 and are pursuing opportunities for growth.”