ICE Mortgage Technology acquires eVault source code from DocMagic

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ICE Mortgage Technology has received the electronic repository technology source code from DocMagic, which will now be integrated into the Encompass eClose product.

“By building an end-to-end solution and continuing to automate the mortgage closure process, we are helping the industry move to paperless closure and provide more efficient processes for our clients,” said Joe Tyrell, President of ICE Mortgage Technology, in a statement. Press release. “We acquired the technology from DocMagic, a company that has 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.”

The eVault code will allow you to safely store digital mortgages and bills using Encompass eClose.

Intercontinental Exchange, the parent company of what is now ICE Mortgage Technology, acquired by Ellie Mae, creator of the Encompass lending system, from Thoma Bravo in September 2020. Corporate siblings include the MERS Electronic Mortgage Registry and the Simplifile Electronic Record Network.

“The move to digital mortgages is progressing rapidly and we are delighted to have provided ICE with the capabilities to enable completely paperless lending workflows along with improved supply chain connectivity,” said Dominic Iannitti, President and CEO of DocMagic.

DocMagic has its own electronic closure system, Total eClose, and it was reported earlier this week that AmeriSave Mortgage was its client.

The Atlantic Bay Mortgage Group announced in May that it had completed 10,000 paperless closings through Total eClose, all but seven of which had been completed since January 2020.

Terms of the deal were not disclosed. The DocMagic deal will not be material to ICE’s earnings and will not affect capital allocation plans, according to a press release.



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