Coviance™ Announces Integration with Encompass® by ICE Mortgage Technology®
- None.
- None.
Insights
The integration of Coviance's platform with Encompass by ICE Mortgage Technology represents a strategic initiative that can potentially enhance the efficiency of the home equity and HELOC loan processes. The automation and real-time data capabilities of the Coviance Encompass Connector aim to reduce the lending cycle significantly, which, in turn, could lead to increased transaction volumes and customer satisfaction. Financial institutions, particularly banks and credit unions, may see operational cost savings due to the reduced need for manual processing and compliance management.
For stakeholders, the short-term benefits include potential gains in market share and customer loyalty as the lending process becomes more streamlined. Long-term implications could involve sustained competitive advantage through technological leadership. However, the adoption rate of the new technology and the scalability of the solution across different sizes of lending institutions are factors that will influence the overall impact.
The mortgage technology sector is increasingly competitive, with numerous players seeking to provide innovative solutions to traditional lending challenges. Coviance's move to integrate with a platform like Encompass could position the company favorably within the industry. The emphasis on a no-code, plug-and-play experience reflects a broader industry trend towards user-friendly and flexible technology solutions.
From a market perspective, Coviance's focus on automation and the borrower experience aligns with consumer expectations for rapid, transparent and hassle-free financial transactions. The enhanced borrower experience could lead to positive word-of-mouth and stronger brand equity. The real-time, adaptive borrower communication feature mentioned may also set a new standard for customer engagement within the financial services sector.
Centralized compliance and streamlined change management are critical aspects of the financial industry, particularly in the context of lending. The Coviance Encompass Connector's ability to provide loan-level audit trails and detailed workflow documentation could assist lenders in meeting regulatory requirements more efficiently. This reduces the risk of non-compliance penalties and enhances the institution's reputation for reliability and transparency.
However, it is essential for lenders to thoroughly assess the security and privacy implications of adopting such a cloud-based platform. Ensuring the protection of borrower data and maintaining compliance with evolving data protection laws is paramount. As the platform gains traction, it will be important to monitor how it handles these legal and regulatory challenges, which could impact user trust and adoption rates.
Coviance has combined the power of its lending automation platform, Home Equity Express™ (HEx), with a pre-built, no-code LOS integration to create the Coviance Encompass Connector - a true plug-and-play automation experience for home equity and HELOC loans. Coviance is integrated in both Encompass SmartClient and WebApp versions.
Coviance’s HEx automates the home equity loan process through adaptive workflows with data-driven decisioning intelligence giving borrowers and lenders speed and efficiency. The cloud-based platform uses real-time data, best-in-class pre-built integrations, and intelligent communication capabilities that deliver a fluid, elevated experience for lenders and borrowers. The “Coviance Encompass Connector” integrates both technologies empowering Encompass LOS users to modernize the home equity and HELOC lending experience, shortening the lending cycle from weeks, to delivering a clear-to-close in days, even hours.
“ICE’s mission of expanding homeownership in the US by connecting all things mortgage with best-of-breed technology aligns with our mission at Coviance ,” said Omar Jordan, Founder and CEO of Coviance. “Expanding onto our relationship with ICE from our integration into Simplifile, and now Encompass continues to drive value for our shared customers, banks and credit unions. At Coviance we’re on a mission to expand access to lendable home equity through automation and technology.”
The Coviance Encompass Connector enables lenders to automate the HEloan and HELOC lending process by leveraging the automation and collateral decisioning engine Coviance offers. The product’s standout features will help further expand Home Equity lending capabilities into the mortgage LOS.
- Intelligent Automation Fuels Efficiency: Unlock no-code adaptive workflows and intelligent collateral decisioning capabilities.
- Simplified Lending Experience that keeps Borrowers informed: Scalable and transparent borrower experience with real-time, adaptive borrower communication.
- Centralized Compliance Streamlines Change Management: Access to loan-level audit trails with detailed workflow and collateral decisioning documentation.
"The American Dream of homeownership is the path to financial freedom and generational wealth, which is at the core of the credit union mission. Having the right technology partners to make this often overwhelming process more streamlined is tremendously impactful in how we serve our membership," said Jenny Vipperman, President & CEO at ORNL Federal Credit Union and Coviance Board Member. "As a Coviance board member, I am excited about the integration between Coviance and ICE Mortgage Technology, which will enable more credit unions and community banks to access this powerful technology."
For more information visit: Coviance on the Marketplace by ICE Mortgage Technology®.
About Coviance
Founded in 2015, Coviance (formerly LenderClose) is a lending experience platform transforming how community banks and credit unions elevate the borrower experience, accelerate loan origination, and simplify operations and compliance management. By harnessing intelligent automation, lenders boost productivity, increase loan volume, and elevate experiences across the entire lending process. Coviance gives lenders instant fintech power through intelligent automation at the push of a button—without ever losing the human touch. Coviance was recognized as one of the best B2B providers by Inc. and was awarded Inc’s PowerPartner 2023, HousingWire Tech100 in 2024 and earned a spot on the Inc. 5000 List of Fastest Growing Private Companies in the
About ICE Mortgage Technology
ICE Mortgage Technology® combines data, interconnected solutions, and expertise to digitize and automate processes across the entire housing finance continuum – from consumer engagement at the front end of real estate, mortgage or refinance transactions; through origination, underwriting, and production; on to loan registration and the long-term servicing relationship with the consumer. We touch nearly every mortgage in the
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240318501459/en/
Betsey Vold, Director of Marketing
bvold@coviance.com
Source: Coviance
FAQ
What is Coviance's platform integration with Encompass by ICE Mortgage Technology aimed at achieving?
What is the name of the automation experience created by Coviance for home equity and HELOC loans?
How does Coviance's Home Equity Express (HEx) platform contribute to the automation of the home equity loan process?
What are some key features of the Coviance Encompass Connector for lenders?
How does the integration of Coviance and Encompass LOS benefit lenders?
