ICE Mortgage Technology, part of Intercontinental Exchange Inc., a global provider of data, technology and market infrastructure, has announced that Encompass eClose, an end-to-end e-closing solution, is expanding its hybrid capabilities to now include full eNote and eVault functionality.
The addition of eNote 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,” says 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,” adds 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.