ICE Mortgage Technology acquires eVault Tech from DocMagic

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ICE Mortgage Technology, part of Intercontinental Exchange, Inc., a leading global provider of data, technology and market infrastructure, today announced the eVault solution for secure storage of digital mortgages and bills, based on technology acquired from DocMagic, Inc.

EVault technology will be integrated into ICE Encompass eClose mortgage closing platform. Encompass eClose empowers lenders to electronically simplify every aspect of the eClosing workflow, from ordering documents to providing loans to investors – and all the steps in between.

“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 Tyrrell, President, 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.”

ICE Mortgage Technology brings together technology and data to automate the entire mortgage lending process, from consumer interactions to loan registration. Mortgage lenders, agents, technology partners and mortgage investors can leverage the power of ICE Mortgage Technologies’ solutions to improve the efficiency and profitability of their businesses.

According to the statement, the deal will not be material to ICE’s earnings and will not affect capital allocation plans. Press release

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