HousingWire Editor in Chief Sarah Wheeler was able to catch up with Stephanie Durflinger, senior vice president of product strategy at ICE Mortgage Technology, during ICE Experience in Las Vegas. Durflinger shared her key takeaways on the results of ICE’s hybrid eClose return on investment (ROI) study. The study found that ICE’s eClose solution could save lenders up to 70 minutes per loan and cut down the time to close by 2.3 days.
“For lenders, that means they can do more,” Durflinger said. “You can close more quickly, you have less time on your warehouse line, you have borrower satisfaction, your title agents are happy, you’re able to close as many as possible. And it just adds value.”
In addition to time savings, the study found substantial cost savings from adopting eClose, starting with hybrid eClose. “As lenders increase hybrid eClose adoption and adopt Encompass eNotes and eNotary, MarketWise LLC experts project at least $500 in savings per loan, once a full eClose process is implemented,” the study stated. Durflinger highlighted the importance of this cost savings, noting that the cost of origination continues to increase.
In pursuit of continued time and cost savings for lenders, ICE recently added eNotes into Encompass, further streamlining the digital mortgage process for its users.
“Best thing about eNotes is that it doesn’t impact the borrower experience nor the lender experience,” Durflinger explained. “The borrower is in the same portal that they’ve always been in, the lenders are able to use their system of record title agents are allowed to use their system of record. Everything’s flowing through fluidly. There are data checks along the way. There’s validation, so you have a more accurate, timely closing, and everyone is using the systems they’re used to.”
For more information on Encompass eClose, click here.