ICE Mortgage Technology, part of Intercontinental Exchange Inc., has released additional enhancements to its Encompass platform. The Encompass 21.2 release supports the recently updated General Qualified Mortgage (QM) final rule enabling lenders to seamlessly calculate eligibility for QM loans using the new price-based thresholds that the government-sponsored enterprises will require in order to sell loans to the secondary market.
The new Encompass 21.2 release offers the flexibility for lenders to use both existing and new QM rules before the mandatory switch (Oct. 1, 2022) to accommodate GSE and investor requirements seamlessly.
Coming on the heels of the new Uniform Residential Loan Application, the new General QM rule represents the second major industry change for the residential mortgage industry in less than six months which requires lenders to alter how they operate their business. This latest change will require lenders to retrain their teams, update their compliance processes and protocols to ensure industry standards are met ahead of the mandatory implementation date.
“Our support for the new General QM rule will help mortgage companies save time and increase productivity across the lending and acquisition processes,” says Joe Tyrrell, president of ICE Mortgage Technology. “The latest Encompass release further highlights our commitment to leveraging our technology, data and industry expertise to help our clients and partners navigate the everchanging lending landscape.”