Intercontinental Exchange Inc. (ICE) has released new enhancements to its Encompass digital mortgage lending platform designed to help lenders improve productivity and lower operational costs.
The most recent Encompass update features expanded capabilities for mortgage originators to offer beneficial affordable lending solutions for their customers. In addition, new features drive greater operational efficiency to help lower mortgage origination costs for lenders.
Encompass now helps lenders quickly and easily determine a borrower’s eligibility for a Department of Housing and Urban Development affordable loan program based on the borrower’s FFIEC median income level for a given metropolitan statistical area or area median income.
“Affordability challenges are at the root of today’s constricted housing and mortgage markets,” says Tim Bowler, president of ICE Mortgage Technology. “Everything we do is with an eye toward that economic reality. As we digitize the entire housing finance lifecycle, Encompass is continually updated to eliminate inefficiencies. The goal is to progressively reduce friction in the process – and with it, time and costs – via an integrated, end-to-end digital ecosystem.”
This is the second major Encompass release of 2024. In April, following a sneak preview for clients and partners during the company’s annual Experience conference in Las Vegas, ICE introduced new capabilities that streamline document management and ensure data integrity throughout the mortgage lifecycle. Users also gained the ability to automate disclosures generation and simplify the underwriting process with the integration of ICE Data & Document Automation and ICE Mortgage Analyzers™ into the Encompass Underwriting Center.