ICE Mortgage for DocMagic eVault Deployment

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Mortgage technologies ICE today announced the deployment of an eVault solution for the secure storage of digital mortgages and bills, based on technologies acquired from DocMagic, Inc.

EVault technology will be integrated into the ICE Encompass eClose system. With Encompass eClose, lenders can electronically simplify every aspect of the eClosing workflow, from ordering documents to providing loans to investors, without leaving Encompass.

“By building a complete solution and continuing to automate the mortgage closure process, we are helping the industry move to paperless closure and providing our clients with more efficient processes,” said Joe Tyrrell, President of ICE Mortgage Technology. “We acquired the technology from DocMagic, a company with extensive experience in the mortgage lending industry, and when this technology is integrated with our other services, Encompass eClose will enable clients to reduce closing time and costs and improve service to borrowers.”

Both ICE and DocMagic are committed to providing technical solutions to increase the adoption of e-closure in the mortgage industry. According to latest monthly lineage report from ICE, the average mortgage loan closing time fell in April, making it the fourth consecutive month of faster closings. The average closing time announced in April was 51 days, and new technologies could speed up the process.

“ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years,” he said. Dominic Jannitti, President and CEO of DocMagic. “The move to digital mortgages is progressing rapidly and we are delighted to have provided ICE with the ability to enable completely paperless lending workflows along with improved supply chain connectivity.”

The deal will not be material to ICE’s earnings and will not affect capital allocation plans.



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