A common issue with eClosing technology is that even the best solutions can result in fractured workflows made up of multiple systems, logins, and workflows. This can make the adoption of eClosing technology a difficult task.
ICE Mortgage Technology has set out to change this with its Encompass eClose solution, the ideal closing solution for Encompass LOS lenders who want to maximize their cost savings and gain operational efficiency in closing and post-closing.
Unlike other solutions, the Encompass eClose process keeps stakeholders in the systems they use today, removing the adoption friction that many other platforms may present. This helps reduce origination costs by eliminating the expense and complexities of dealing with multiple vendors and technologies. Encompass eClose is extending this model with the recent introduction of the Point-of-Sale (POS) Framework which integrates with any point-of-sale (POS) platform its lender customers and their borrowers are using today.
Additionally, Encompass eClose offers the same workflow regardless of the type of closing being performed, from full ink to hybrid to full eClose. This gives lenders, borrowers and settlement agents flexibility in the closing process.
“While our broad goal with Encompass eClose is to help drive industry-wide adoption of electronic closings, it goes beyond eClose adoption,” said Rebecca Frisbie, Director of Product Management. “We want to fundamentally change how residential loan closings are done by removing the inherent inefficiencies in the process. We do this by incorporating document ordering, borrower engagement, settlement agent collaboration, eSignatures, investor delivery and more in a single workflow. We call this the power of one.”
With Encompass eClose, ICE Mortgage Technology has created the industry’s only true end-to-end eClosing solution that provides a single source within the industry’s leading LOS. Encompass eClose is connected to the ICE Mortgage Technology network, leveraging the industry’s largest ecosystem of lenders, settlement agents, counties, investors and services through integrations with Simplifile and MERS.
Encompass eClose leverages leading technology, in compliance with all eSign and eNote requirements, as well as a tight integration between Encompass, Simplifile and MERS. This integration keeps the data trusted between systems and eliminates the need for manual rekeying and reconciliation. By replacing manual processes with a fully digital experience, Encompass eClose helps lenders increase efficiencies and reduce time spent at the closing table.
The Encompass eClose platform provides both the lender and borrower with choice and real return on investment. With hybrid, lenders are seeing a return on investment right away, and often are up and running in less than a month. With eNotes, lenders like Googain see all the same benefits of a hybrid eClose, in addition to faster funding, shorter warehouse time, reduced risks, and a better borrower experience.
“We are focused on our customer experience and digitizing mortgage for our customers,” said Shawn Song, President, Googain. “By adopting eClosing, we are reducing errors and delays – reducing frustration for borrowers and giving them peace of mind. With more than 70% of our loans being eClosed with ICE Mortgage Technology, we know that this is just the beginning of our efficiency and digitization.”
Rebecca Frisbie, Director Product Management, ICE Mortgage TechnologyAs Director of Product Management, Rebecca Frisbie has spent the last 12+ months working tirelessly on the launch of ICE Mortgage Technology’s highly anticipated product, Encompass eClose solution. Her extensive knowledge of the borrower’s journey during any mortgage process makes her the perfect leader to drive solutions towards a fully digital experience.
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