ICE Mortgage Technology has debuted Encompass eClose, a technology that enables lenders to electronically facilitate every aspect of the e-closing workflow – from ordering documents to delivering to loan investors – from within the Encompass loan origination system.
By leveraging a standardized platform for document delivery, recording eligibility and settlement agent coordination, the eClose solution bridges all components regardless of the closing type – including ink, hybrid or full e-close. By leveraging ICE Mortgage Technology’s ecosystem of e-closing entities, lenders can scale their volume and create additional transparency, accountability and compliance.
“With Encompass eClose, we’re eliminating the time and cost to move and manage data in multiple systems, we’re eliminating the confusion the borrower experiences when a different signing experience is introduced at closing, and we’re eliminating the frustration and inefficiencies that lenders face when having to maintain separate closing processes,” says Joe Tyrrell, president of ICE Mortgage Technology. “We are providing lenders with a game-changing solution that helps them decrease operational costs while increasing loan quality and greatly improving the borrower’s experience.”
For lenders, Encompass eClose helps lower operational costs and, as a byproduct, increases profit margins by streamlining and digitizing traditionally manual, paper-driven workflows so they can complete the closing process more efficiently. It also improves the quality of loans by making document execution and collection processes more accurate and reducing costly errors associated with paper closings, the company says.
Later this year, ICE Mortgage Technology plans to expand e-close support in Encompass by providing e-notes and e-vault, MERS e-registry, witnessed documents and e-notary support.