ICE Mortgage Simplifies Electronic Closing With One Workflow

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Mortgage lenders are looking for ways to speed up the digital mortgage process and provide borrowers with a unique experience. ICE Mortgage Technology’s Encompass eClose enables lenders to order documents electronically, collaborate with settlement agents and partners, sign documents with borrowers, record electronically, and soon deliver e-banknotes and vault to electronic filing with MERS.

Historically, creating a true eClose workflow has been a complex process. Lenders often have to work with multiple vendors and technology platforms to ensure end-to-end digital closing. With components such as ordering electronic documents, electronic signature capability, cooperation with a settlement agent, electronic notarization and electronic recording, implementation can be complex and costly. Not to mention, this often results in a fragmented experience for borrowers and a steep learning curve for lenders and settlement agents.

With Encompass eClose, users can eliminate the pain and additional costs associated with managing multiple vendors, and streamline the closing process from the industry’s most recognized LOS, Encompass.

“Leveraging the largest connected network in the industry with Encompass, Simplifile and MERS, our eClose solution accelerates digitization and increases profitability through efficient workforce and workflow utilization,” said Joe Tyrrell, President, ICE Mortgage Technology. “This allows lenders to attract more borrowers, while improving lending conditions.”

Encompass eClose provides:

  • One partner: Working with one vendor, lenders only need to process one contract, one security check, one implementation, and one invoice.
  • One workflow: All steps of the eClose process can be performed without leaving Encompass, and the workflow remains compatible with both hybrid and eClose full loans. In addition, even packs completely inked follow the same workflow in Encompass, optimizing user adoption and implementation and creating a digital post closing process, increasing ROI even on paper loans.
  • One Data Source: ICE Mortgage Technology brings data together into one tightly integrated solution to improve operational efficiency and improve quality control.
  • One Network: ICE Mortgage Technology offers one of the largest ecosystems of lenders, settlement agents, partners, service providers and mortgage investors in one place.

For lenders, Encompass eClose helps reduce operating costs by streamlining and digitizing traditionally manual, paper-based workflows for more efficient loan closing. Borrowers get a better mortgage experience as they can use one portal from their application to close. Settlers gain greater ease-of-use with real-time visibility and visibility into the loan closing process, audit trail, and the necessary security and access through one platform at multiple eClose steps.

“This fall, ICE Mortgage Technology plans to launch eNotes, an eVault that fully integrates into the MERS eRegistry and more to further expand eClose’s capabilities and move closer to securing a true digital mortgage,” said Nancy Ellie, vice president of product strategy for Mortgage ICE technology. “In line with our goal of simplifying implementation, users will be able to manage their eNotes from Encompass without the need to learn the new eVault interface.”

By combining the expertise and innovation of Encompass, Simplifile and MERS in the ICE Mortgage Technology Platform, lenders, their clients and partners can share a single streamlined workflow for eClose that lowers operating costs, increases profitability, and delivers a superior experience for borrowers.

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Joe Tyrrell, President, ICE Mortgage Technology

Joe Tyrrell is the head of ICE Mortgage Technology, a leading provider of cloud-based lending platforms for the mortgage industry, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure.

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Nancy Ellie, VP of Product Strategy, ICE Mortgage Technology

With 30 years of experience in financial services and mortgage lending, Nancy Ellie is the strategic leader in ICE Mortgage Technology’s eClose solutions.

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