Ellie Mae announced Wednesday that it has purchased mortgage compliance software company “Mavent, Inc.”:http://www.mavent.com

Pleasanton, California-based Ellie Mae provides origination software to mortgage lenders, brokers, and credit unions. The company says that adding Mavent’s technology to its offerings will help clients ensure that all loans originated through Ellie Mae’s Encompass system are compliant with over 330 state and federal consumer protection laws.

“This is an important addition to the suite of services we offer Encompass customers,” said Sig Anderman, CEO of Ellie Mae. “More than ever before, compliance is critical. There is no room for error, and the exposure for everyone involved in the mortgage origination process is significant.”

Ellie Mae declined to disclose the terms of the deal, but said in a press statement that it plans to retain Mavent personnel working in operations, product, legal, and development. Mavent will continue to be based in Irvine, California.

According to Ellie Mae, all current Mavent business relationships will also stay intact, including its distribution agreement with QuestSoft, the mortgage compliance software and service provider that offers Mavent’s solutions to about 1,500 mid-market companies.

Louis Pizante, CEO Mavent, will stay on to oversee the transition, American Banker said. “New and particularly complex regulation is impacting all facets of the mortgage production chain, making sophisticated and integrated compliance solutions a business requirement,” Pizante said. “Joining Ellie Mae will better position Mavent to help mortgage businesses of all types navigate the dramatic regulatory and market changes ahead.”

Mavent’s technology is currently being used by over 100 lending institutions, including five of the 10 largest mortgage lenders in the United States, Fannie Mae, and investors. Since the company was founded in 2000, it has performed over 28 million loan reviews.