ICE Mortgage Technology, part of Intercontinental Exchange, Inc. (NYSE: ICE), a global provider of data, technology and market infrastructure, has launched Encompass eClose. The solution will enable lenders to electronically facilitate every aspect of the eClosing workflow, from ordering documents to delivering to loan investors – and all the pieces in between – without ever having to leave Encompass.
“While there has been a lot of innovation in the mortgage industry, the path for a lender to deliver a truly end-to-end electronic closing experience remains highly fragmented and costly. We are changing the way mortgage loans are closed in the U.S. for the better,” said Joe Tyrrell, president of ICE Mortgage Technology. “With Encompass eClose, we’re eliminating the time and cost to move and manage data in multiple systems, we’re eliminating the confusion the borrower experiences when a different signing experience is introduced at closing, and we’re eliminating the frustration and inefficiencies that lenders face when having to maintain separate closing processes. We are providing lenders with a game-changing solution that helps them decrease operational costs while increasing loan quality and greatly improving the borrower’s experience.”
Key Differentiators for Encompass eClose
ICE Mortgage Technology is uniquely positioned as a single provider that supports lenders and helps to improve the overall borrower experience. By leveraging a standardized platform for document delivery, recording eligibility, and settlement agent coordination, the eClose solution bridges all the components, no matter the closing type – including ink, hybrid or full eClose. Additionally, ICE Mortgage Technology offers the largest ecosystem of eClosing entities in the industry allowing lenders to scale their eClose volume and create additional transparency, accountability, and compliance with everyone involved.
Users will benefit from one consistent and seamless workflow, all within Encompass. Likewise, because ICE Mortgage Technology is one tightly integrated solution, it provides one trusted source of data that ultimately eliminates the need for costly re-keying and reconciliation.
Benefitting All Parties
Encompass eClose provides a comprehensive solution that benefits all parties involved in the closing of a mortgage loan:
- Lenders: The offering helps lower operational costs and as a byproduct increases profit margins for lenders by streamlining and digitizing traditionally manual, paper-driven workflows so they can complete the closing process more efficiently. It also improves the quality of loans by making document execution and collection processes more accurate and reducing costly errors associated with paper closings.
- Settlement Agents: By providing one platform across multiple eClose platforms, use and adoption are simplified for settlement agents. Encompass eClose also offers real-time transparency into the loan closing process as well as a highly secure audit trail.
- Borrowers: Encompass eClose enables lenders to deliver a better borrower experience by giving them a single portal to use from application to close, as well as simplifying and shortening the closing process. It also allows borrowers to sign documents in the comfort and convenience of their own homes.
- Investors: The offering reduces acquisition cycle time for investors by increasing the future adoption of eNotes and shortening the time required to sell loans on the secondary market.
Today, ICE Mortgage Technology supports eClosing with:
- eSign of disclosures in Encompass Consumer Connect, simplifying the borrower experience.
- Settlement agent collaboration using Simplifile (now part of ICE Mortgage Technology).
- Delivery of all loan package types, including all ink, to agent via the Simplifile platform.
- Post-closing quality control through Simplifile, including ink signature verification on hybrid loans and automated Section E fee reconciliation.
Later this year, ICE Mortgage Technology will expand eClose support in Encompass by providing eNotes and eVault, MERS eRegistry, witnessed documents, as well as eNotary support.
“The ultimate goal is for eClose to be the standard in the industry and to drive adoption by building an ecosystem that users are comfortable with, but one that’s better than what is currently available in the market. With Encompass eClose, we’re able to bring borrowers, lenders, and agents closer to that reality,” said Nancy Alley, vice president of product strategy of ICE Mortgage Technology. “The launch today paves the way for a true end-to-end solution where customers will reap the benefits of full eClose support in Encompass and eventually lead to eNotary support with RON (Remote Online Notary) and IPEN (In-Person Electronic Notary). The team here at ICE Mortgage Technology has worked tirelessly to bring these products to life that will make the homebuying process faster and easier.”