ICE Mortgage Technology Delivering Full Automation with Added eNotes and eVault Support in Encompass® eClose
October 18 2021 - 11:00AM
Business Wire
Lenders to Drive eNote Adoption with One
Consistent and Secure Workflow
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.
You can find more information on Encompass eClose solutions and
resources here:
https://www.icemortgagetechnology.com/encompass/eclose.
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.
© 2021 ICE Mortgage Technology, Inc. All rights reserved.
Encompass® and the ICE Mortgage Technology logo are trademarks of
the entities of ICE Mortgage Technology, Inc.
Source: Intercontinental Exchange
ICE-CORP
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version on businesswire.com: https://www.businesswire.com/news/home/20211018005378/en/
PRESS CONTACT Sara Holtz ICE Mortgage Technology (925)
227-2193 sara.holtz@ice.com
Jenny Gendron ICE Mortgage Technology (925) 227-3490
jenny.gendron@ice.com
ICE INVESTOR RELATIONS CONTACT Mary Caroline O’Neal
marycaroline.oneal@ice.com (770) 738 2151 investors@ice.com
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