Mortgage lenders are looking for ways to accelerate the digital mortgage process and deliver a one-of-a-kind experience for borrowers. ICE Mortgage Technology’s Encompass eClose allows lenders to electronically order documents, collaborate with settlement agents and partners, eSign documents with borrowers, electronically record and will soon deliver electronic notes and vault to eRegister with MERS.
Historically, providing a true eClose experience workflow has been a complex process. Lenders often need to work with multiple vendors and technology platforms to achieve an end-to-end digital closing experience. With components ranging from ordering electronic documents, eSigning capability, settlement agent collaboration, eNotarization and eRecording, implementation can be complicated and costly. Not to mention, it often leads to a fragmented experience for borrowers and steep learning curves for lenders and settlement agents.
With Encompass eClose, users can eliminate the pain and added cost associated with managing multiple vendors and streamline the closing process all from within the industry’s most recognized LOS, Encompass.
“By leveraging the largest connected network in the industry with Encompass, Simplifile and MERS, our eClose solution accelerates digitization and improves profit margins through efficient utilization of the workforce and workflow,” said Joe Tyrrell, President, ICE Mortgage Technology. “This enables lenders to attract more borrowers by providing a better loan experience.”
Encompass eClose provides:
- One partner: By working with one provider, lenders only need to handle one contract, one security review, one implementation and one invoice.
- One workflow: All steps of the eClose process can be completed without leaving Encompass and the workflow remains consistent with both hybrid and full eClose loans. In addition, even fully ink packages follow the same workflow in Encompass, streamlining implementation and adoption by users and creating a digital post close process, improving ROI even on paper loans.
- One data source: ICE Mortgage Technology brings data together into one tightly integrated solution, creating operational efficiencies and improving quality control.
- One network: ICE Mortgage Technology offers one of the largest ecosystems of lenders, settlement agents, partners, service providers and mortgage investors all in one place.
For lenders, Encompass eClose helps lower operational costs by streamlining and digitizing traditionally manual, paper-driven workflows to close loans more efficiently. Borrowers get a better mortgage experience since they can use a single portal from their application to close. Settlement agents experience greater ease of use through real-time transparency and view into the loan closing process, an audit trail, and necessary security and access through one platform across multiple eClose steps.
“This fall, ICE Mortgage Technology plans on launching eNotes, an eVault that fully integrates into the MERS eRegistry and more to enhance the eClose experience further and get closer to providing a true digital mortgage experience,” said Nancy Alley, VP, Product Strategy of ICE Mortgage Technology. “True to our goal to simplify adoption, users will be able to manage their eNotes all from within Encompass and not be required to learn a new eVault interface.”
By bringing together the expertise and innovation of Encompass, Simplifile and MERS into the ICE Mortgage Technology Platform, lenders and their customers and partners can leverage one streamlined workflow for eClose that lowers operational costs, boosts profitability and delivers a superior experience for borrowers.
Joe Tyrrell, President of ICE Mortgage Technology
Joe Tyrrell is head of ICE Mortgage Technology, the leading cloud-based loan origination platform provider for the mortgage industry and part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure.
Nancy Alley, VP, Product Strategy of ICE Mortgage Technology
Bringing 30 years of financial services and mortgage industry experience to her role, Nancy Alley is the strategic leader for ICE Mortgage Technology’s eClose solutions.