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Ellie Mae, has announced that it has signed a definitive agreement to acquire Capsilon, a provider of AI-powered mortgage automation software for mortgage lenders, investors and servicers.
Jonathan Corr, President and CEO of Ellie Mae, and Sanjeev Malaney, founder and CEO of Capsilon discussed additional details about the acquisition and its significance at the press conference.
“With the delivery of our next generation lending platform, we are accelerating our mission to automate everything automatable for the residential mortgage market. This includes making strategic acquisitions of best-in-class solutions to bring more value to the platform and the ecosystem faster,” said Corr,. “This is a significant day for the mortgage industry, as with the acquisition of Capsilon we are bringing together two market-leading companies and adding to our platform the pioneer of AI-powered intelligent automation leveraged by some of the largest lenders and servicers in the industry. As lenders and servicers continue to shift toward data-driven automation, we are excited to provide automated document recognition, classification and data extraction to further drive down costs and time of loan origination, acquisition and servicing.”
According to Ellie Mae, this acquisition is another step toward a fully-digital mortgage, by combining Ellie Mae’s Encompass Digital Lending Platform with Capsilon’s AI-powered solutions.
“The team at Capsilon has built the leading AI-powered platform that is changing the economics of the industry by enabling mortgage lenders and servicers to significantly increase profitability on each loan,” said Sanjeev Malaney, CEO and Founder of Capsilon. “By joining forces with Ellie Mae, we are excited to extend our capabilities and deliver unprecedented functionality through deep integrations with the Encompass Digital Lending Platform. This will help lenders leverage automation from consumer engagement through investor delivery and servicing. We believe this combination will offer value to all of our customers and integration partners, regardless of LOS or servicing platform.”
Additionally, Ellie Mae has partnered with Genworth Mortgage Insurance to include the ability to order Genworth mortgage insurance through their Total Quality Loan program.
“We are proud to partner with Ellie Mae to help streamline the MI ordering process for our customers,” said Genworth Mortgage Insurance Senior Vice President of Customer Solutions Kevin McMahon. “Lenders are always seeking new ways to increase efficiency and quality through automation. Our integration with the Encompass MI Service within Ellie Mae TQL is another element of the overall value we deliver to customers as they work to put more borrowers into homes.”