ICE Mortgage Technology has announced the deployment of an eVault solution for secure storage of digital mortgages and notes, based upon technology acquired from DocMagic, Inc.
The eVault technology will be integrated into ICE’s Encompass eClose. Through Encompass eClose, lenders can electronically facilitate every aspect of the eClosing workflow, from ordering documents to delivering loans to investors, without ever having to leave Encompass.
“By creating an end-to-end solution and further automating the mortgage closing process, we’re helping the industry transition to paperless closings and enabling more efficient processes for our customers,” said Joe Tyrrell, President of ICE Mortgage Technology. “We acquired technology from DocMagic, who has deep experience in the mortgage space, and when this technology is integrated with our other services, Encompass eClose will enable customers to eliminate time and cost in the closing process and create better experiences for borrowers.”
Both ICE and DocMagic are committed to delivering tech solutions to increase eClosing adoption in the mortgage industry. According to the latest monthly Origination Insight Report from ICE, the average time to close on a home loan shortened in April, marking the fourth consecutive month of faster-moving closings. The average closing time reported for April was 51 days, and emerging technology stands to make things increasingly speedy.
“ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years,” said Dominic Iannitti, President and CEO of DocMagic. “The migration towards digital mortgages is progressing quickly, and we’re happy to have provided ICE with capabilities to enable fully-paperless lending workflows along with better supply chain connectivity.”
The transaction will not be material to ICE’s earnings or have an impact on capital allocation plans.