JPMorgan analyst Sterling Auty views Ellie Mae's acquisition of Velocify positively. The deal should build the company's subscription revenue opportunity at a time when mortgage lenders are shifting more attention to home purchase mortgages relative to refinances, Auty tells investors in a research note. The analyst, however, views Hurricane Harvey as a headwind. He lowered his non-contracted revenue estimates for Ellie by $1M in both Q3 and Q4 to account for a potential significant slowdown in the Houston housing market. Auty keeps an Overweight rating on the shares.