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Pleasanton, California-based Ellie Mae Inc., a provider of automation solutions for the residential mortgage industry, has acquired San Diego-based Del Mar DataTrac Inc. According to Ellie Mae, the acquisition accelerates its growth strategy by expanding its lender customer base, significantly increasing the number of mortgages funded by its customers and broadening the functionality of its Encompass® solutions.
Del Mar's origination software, DataTrac®, is used by more than 200 mortgage lenders as a core operating system to process and fund loans, create workflow efficiencies, manage secondary marketing transactions and handle reporting and business intelligence. Its current customers are expected to fund an estimated 500,000 mortgages in 2011, according to Del Mar DataTrac.
According to Ellie Mae, the acquisition could eventually add approximately 20,000 users to the Ellie Mae Network(TM), the electronic network that connects the more than 50,000 users of Ellie Mae's Encompass36o® Mortgage Management software to the service providers, business partners and investors they need to interact with in order to process and fund loans. Ellie Mae also intends to make Encompass3óo available to DataTrac users as a front-end point-of-sale component for the DataTrac core operating system.
"Del Mar's roster of customers includes some of the biggest and...