Mortgage technologies ICE, part of Intercontinental Exchange Inc., has released additional enhancements to its Encompass platform. Encompass 21.2 supports the recently updated General Qualified Mortgage (QM) Final Rule, which allows lenders to freely calculate eligibility for QM loans using the new price thresholds that government-sponsored enterprises (GSEs) will require to sell loans to secondary companies. market.
The new release of Encompass 21.2 offers lenders the flexibility to use both existing and new quality management rules prior to the mandatory transition (October 1, 2022) to seamlessly meet GSE and investor requirements.
Following on the heels of the new Unified Home Loan Application, the new TQM rule represents the second major industry change for the residential mortgage industry in less than six months, requiring lenders to change the way they do their business. This latest change will require lenders to retrain their teams, update their compliance processes and protocols to meet industry standards before the mandatory implementation date.
“Our support for the new General QM Rule will help mortgage companies save time and improve their lending and acquisition processes,” said Joe Tyrrell, President, ICE Mortgage Technology. “The latest release of Encompass underscores our commitment to leveraging our technology, data and industry expertise to help our clients and partners navigate the ever-changing lending landscape.”