ICE Mortgage Technology Enhances Encompass For New QM Rule
ICE Mortgage Technology, a part of Intercontinental Exchange, Inc. (NYSE: ICE), a global provider of data, technology and market infrastructure, has released additional enhancements to the Encompass platform. The Encompass 21.2 release supports the recently updated General Qualified Mortgage (QM) final rule enabling lenders to seamlessly calculate eligibility for QM loans using the new price-based thresholds which government sponsored enterprises (GSE) will require in order to sell loans to the secondary market.
“Our support for the new General QM rule will help mortgage companies save time and increase productivity across the lending and acquisition processes,” said Joe Tyrrell, President of ICE Mortgage Technology. “The latest Encompass release further highlights our commitment to leveraging our technology, data and industry expertise to help our clients and partners navigate the everchanging lending landscape.”
Coming on the heels of the new Uniform Residential Loan Application (URLA), the new General QM rule represents the second major industry change for the residential mortgage industry in less than six months which requires lenders to alter how they operate their business. This latest change will require lenders to retrain their teams, update their compliance processes and protocols to ensure industry standards are met ahead of the mandatory implementation date.
The new Encompass 21.2 release offers the flexibility for lenders to use both existing and new QM rules before the mandatory switch (October 1, 2022) to accommodate GSE and investor requirements seamlessly. More information on the General QM rule as part of the product release can be found here: https://files.consumerfinance.gov/f/documents/cfpb…
ICE Mortgage Technology combines technology, data and expertise to help automate the mortgage process, from consumer engagement through loan registration, and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan lending platform provider for the mortgage industry, with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring high levels of compliance, quality and efficiency.
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