Home >> Daily Dose >> New ICE Tool Promises eClosing Transparency
Print This Post Print This Post

New ICE Tool Promises eClosing Transparency

ICE Mortgage Technology has launched Encompass eClose, enabling lenders to electronically facilitate every aspect of the eClosing workflow, without ever having to leave Encompass.

Encompass eClose leverages a standardized platform for document delivery, recording eligibility, and settlement agent coordination, joining together all of the components, regardless of the closing type–including ink, hybrid or full eClose.

“While there has been a lot of innovation in the mortgage industry, the path for a lender to deliver a truly end-to-end electronic closing experience remains highly fragmented and costly. We are changing the way mortgage loans are closed in the U.S. for the better,” said Joe Tyrrell, President of ICE Mortgage Technology. “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. 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.”

Encompass eClose improves the quality of loans by making document execution and collection processes more accurate, thus reducing costly errors associated with paper closings. By providing one platform across multiple eClose platforms, use and adoption are simplified for settlement agents, offering real-time transparency into the loan closing process, as well as a highly secure audit trail. Encompass eClose also enables lenders to deliver a better borrower experience by giving them a single portal to use from application to close, as well as simplifying and shortening the closing process. For investors, Encompass eClose reduces acquisition cycle time for investors by increasing the future adoption of eNotes and shortening the time required to sell loans on the secondary market.

“The ultimate goal is for eClose to be the standard in the industry, and to drive adoption by building an ecosystem that users are comfortable with, but one that’s better than what is currently available in the market,” said Nancy Alley, VP of Product Strategy of ICE Mortgage Technology. “With Encompass eClose, we’re able to bring borrowers, lenders, and agents closer to that reality.”

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
x

Check Also

Facing Down the Mortgage Industry’s Looming Capacity Crisis

A shortage of underwriters may soon collide with the recent foreclosure moratoria to create headwinds for the industry.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.