First State Housing Finance Authority Automates Loan Delivery

ICE Mortgage Technology, part of Intercontinental Exchange, Inc. (NYSE: ICE), a provider of data, technology and market infrastructure, announced that Colorado Housing and Finance Authority (CHFA) has integrated Encompass Investor Connect and AIQ into its technology, enabling faster and easier loan delivery and funding.

“We’re thrilled to support organizations like CHFA and the work they do for Colorado homebuyers,” said Parvesh Sahi, Senior Vice President of Business and Client Development at ICE Mortgage Technology. “We’re excited when organizations like CHFA leverage our automation and artificial intelligence solutions to increase their efficiency and help more consumers get into homes faster in the affordable housing space.”

Encompass Investor Connect provides a seamless, system-to-system delivery, directly from Encompass to CHFA, eliminating the need for lenders to locate, save, and deliver data and documents that are already in their system. Lenders can go to their loan pipeline, select CHFA, and deliver files immediately. In 2021’s fourth quarter, CHFA intends to expand this capability to all of its home finance lending partners who use Encompass.

“CHFA is excited to be the first HFA to automate loan delivery and acquisition using ICE Mortgage Technology,” said Dan McMahon, CHFA home finance director. “This provides significant efficiencies and more robust capabilities. Faster loan delivery, acquisition, and review translates to a better experience for the lenders we work with and the homebuyers we serve.”

“As soon as CHFA introduced us to ICE Mortgage Technology’s Investor Connect, we were excited,” said Brad Groves, CEO of Universal Lending Corporation. “Encompass Investor Connect and AIQ are truly the most efficient delivery processes we have experienced, and the learning curve was a breeze. We’re hoping to begin using this delivery method in the future with our other Correspondent Investors.”

With the addition of AIQ, CHFA has further automated the process by using artificial intelligence and machine learning to automatically extract, recognize, and identify data and documents. These technologies improve productivity, efficiency, and reduce risk. As the first state HFA to deploy loan acquisition with Encompass Investor Connect and AIQ, CHFA is leading the way in delivering better automation, intelligence, and compliance to accelerate the loan process for lenders and homebuyers.