Vincent Farnsworth 7:30 p.m., April 24
Mortgage Processors Merge
Ellie Mae, a technology provider for the mortgage industry, announced yesterday the purchase of Del Mar DataTrac, Inc. The San Diego-based Del Mar provides services to over 200 lenders, including its DataTrac program for processing and funding loans.
Del Mar’s customers are expected to fund about 500,000 residential mortgage loans this year. The combination of the two companies will provide services to about 70,000 users, who originate about 30% of all residential loans in the United States.
"I founded Ellie Mae to transform the mortgage industry by automating loan origination and driving paper out of the process," said Sig Anderman, Ellie Mae’s president/CEO, “"so the addition of the impressive Del Mar team and customer base is a big milestone for us. Our customers are looking to us to automate and streamline their businesses, and the combined Ellie Mae and Del Mar teams will continue delivering the high levels of innovation and service that our clients have come to expect."
Ellie Mae paid $17.2 million at closing for Del Mar, with additional payments totaling $8 million due over the next three years. The company’s operations will remain in San Diego.
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