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ICE Mortgage Technology Delivering Full Automation with Added eNotes and eVault Support in Encompass® eClose
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
ICE Mortgage Technology, part of Intercontinental Exchange (NYSE: ICE), announced the expansion of its Encompass® eClose solution to include full eNote and eVault functionality. This enhancement streamlines the mortgage closing process, integrating with the MERS® eRegistry for efficient eNote handling. This development is expected to provide lenders with increased operational efficiencies and cost savings, as eNotes can speed up loan sales. The solution is approved by key entities like Fannie Mae and Freddie Mac, marking a significant advancement in digital mortgage technology.
Positive
Expansion of Encompass eClose includes full eNote and eVault capabilities.
Integration with MERS® eRegistry enhances digital mortgage processes.
Lenders can achieve cost savings estimated in hundreds per loan.
Approved by Fannie Mae and Freddie Mac, increasing credibility.
Seamless integration allows for efficient handling of eClosing transactions.
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None.
Lenders to Drive eNote Adoption with One Consistent and Secure Workflow
PLEASANTON, Calif.--(BUSINESS WIRE)--
ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, announced that Encompass® eClose, the industry’s leading end-to-end eClose solution is expanding its hybrid capabilities to now include full eNote and eVault functionality. The addition of eNotes and eVault capabilities further streamlines the digital mortgage closing process by offering seamless integration with the MERS® eRegistry, the national registry of record that identifies the holder and custodian of each registered eNote.
“It was only six months ago that we announced our Encompass eClose product would be paving the way for the industry’s first true end-to-end closing solution,” said Joe Tyrrell, President of ICE Mortgage Technology. “And now we continue the transformation of how residential mortgages are processed by providing eNote and eVault capabilities within the Encompass origination process. By leveraging one consistent workflow, for both electronic or ink packages, lenders can now use their same closing process for producing eNotes and delivering into our eVault system without ever leaving their loan origination system to perform the eClosing process.”
“We are excited to enable lenders to easily and quickly adopt eNotes in their journey towards full eClosings,” said Nancy Alley, Vice President of Product Strategy at ICE Mortgage Technology. “With so much of the country’s mortgage loans originating in Encompass today, our lender partners now have the ability to provide an enhanced eClosing experience for their borrowers, while gaining the competitive advantages of increased efficiencies and operational cost savings.”
Approved by Fannie Mae, Freddie Mac, and MERSCORP Holdings, Inc. for eNote delivery, Encompass eVault provides new levels of integration and automation for mortgage originators. For example, upon execution, the eNote is automatically tamper sealed, stored securely in the Encompass eVault, and registered on the MERS® eRegistry. Lenders can easily view the eNote information, status, and right holders from a new tab on the loan screen and execute transfers for investor delivery without ever leaving the Encompass environment.
Benefits for Encompass Customers
eClosing expansion – Lender adoption will enable borrowers to eSign eNotes.
One workflow– For the first time, the eVault functionality will be available from within the loan origination system, enabling easy user adoption.
Seamless integration - Fully tagged eClosing packages, including MISMO-compliant SMART Doc eNotes, can now be easily generated directly from the Encompass platform.
Automatic registration w/ MERS eRegistry – Once an eNote is executed, it is automatically tamper-sealed, stored securely in the Encompass eVault, and instantly registered on the MERS eRegistry.
Cost and time savings - ROI studies have shown that by adopting eClosing, lenders are estimated to save hundreds per loan. With eNotes, originators are able to sell their loans more quickly, reducing float times and increasing efficiency.
ICE Mortgage Technology combines technology, data and expertise to help automate the mortgage process, from consumer engagement through loan registration, and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry, with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring high levels of compliance, quality and efficiency. Visit icemortgagetechnology.com or call (877) 355-4362 to learn more.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
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, 2020, as filed with the SEC on February 4, 2021.
What new features does ICE Mortgage Technology's Encompass eClose include?
The Encompass eClose solution now includes full eNote and eVault functionality, streamlining the mortgage closing process.
How does the integration with MERS® eRegistry benefit lenders?
The integration with MERS® eRegistry allows eNotes to be tamper-sealed, securely stored, and automatically registered, enhancing operational efficiencies.
What are the expected cost savings for lenders using eNotes?
Lenders can save hundreds of dollars per loan through faster processing and reduced float times.
Which organizations have approved the Encompass eClose solution?
The solution has been approved by Fannie Mae, Freddie Mac, and MERSCORP Holdings for eNote delivery.
What advantages does the new eVault functionality provide?
The eVault functionality allows lenders to manage eNotes efficiently without leaving their loan origination system.
