ICE Mortgage Technology’s eClose Solution Saves Lenders 70 Minutes Per Loan | News
PLEASANTON, Calif.–(BUSINESS WIRE)–March 8, 2022–
ICE™ Mortgage Technology, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of market data, technology and infrastructure, today announced the results of its hybrid return study on investment (ROI) eClose. In-depth independent research conducted by MarketWise Advisors, LLC., found 70 minutes saved per loan and 2.3 days of faster loan cycles. With these results and the recent launch of eNotes, our end-to-end eClose solution will enable our customers to embrace automation and deliver a much improved user experience to lenders and borrowers.
“The results of our eClose solution ROI study prove the business value of automation. In this case, saving 70 minutes per loan and closing loans two days faster means a significant increase in profits for lenders,” said Joe Tyrrell, president of ICE Mortgage Technology. “With Encompass eClose, lenders can provide a better experience for borrowers and a single workflow for their own users, where everyone benefits from automation.”
According to the study, ICE Mortgage technology demonstrates the early benefits of adopting eClose, starting with hybrid eClose. These cost savings for lenders are largely the result of the ability to speed loan closeout review and setup, reduce cost and maintenance of manual processes, reduce rework and errors, which which results in both a tangible return on investment and an improvement in the overall borrower experience. As lenders increase hybrid eClose adoption and adopt Encompass eNotes and eNotary, MarketWise LLC experts predict at least $500 in savings per loan, once a full eClose process is implemented.
“As a credit union, we are constantly looking for ways to improve our member offerings,” said John Simonsen, vice president of real estate at Affinity Plus Federal Credit Union. “We began leveraging Hybrid eClose with ICE Mortgage Technology using Encompass in early 2021. -Returns related to collecting missing documents, signatures, and retouching the loan – which has helped us reduce closing times.Additionally, we are able to reduce time-consuming and costly printing and sending paper parcels.
“We are focused on our customer experience and digitizing mortgages for our customers,” said Shawn Song, President of Googain. “By adopting eClosing, we are reducing errors and delays – reducing borrower frustration and giving them peace of mind. With over 70% of our loans being eClosed with ICE Mortgage Technology, we know it’s only the beginning of our efficiency and digitization By leveraging a hybrid eClose process, we reduce errors, missing documents and signatures, save time and money on printing and shipping, and experience fewer issues after close, allowing us to deliver a faster close. We believe that as adoption of eClose and eNotes improves, this process will become faster and faster. effective.
“As a mortgage industry veteran, I’ve seen mortgages evolve from paper 1003 forms and document faxing to electronic closings where borrowers no longer need to be physically present to sign documents. “said Jordan Brown, CEO of MarketWise Advisors, LLC. “The pandemic has accelerated the need to automate, innovate, and take fencing to the next level, but we still have some way to go as an industry. Full electronic fencing has not been widely adopted because it requires the collaboration of a number of ecosystem players and the adoption of new technologies, including e-signatures, e-notes, an e-vault, and an e-notary.A company, such as ICE Mortgage Technology , is uniquely positioned to help lenders by offering these individual workflows in one integrated platform.
Check out the Hybrid eClose ROI results here: https://static.icemortgagetechnology.com/pdf/datasheet-eclose-roi.pdf and for more information on Encompass eClose, access the latest here: https://www.icemortgagetechnology.com/encompass/eclose.
ICE Mortgage Technology combines technology, data and expertise to help automate the mortgage process, from consumer engagement to loan registration, and every step and task in between. ICE Mortgage Technology is the leading provider of cloud-based loan origination platforms for the mortgage industry, with solutions that enable lenders to originate more loans, reduce origination costs and reduce time to close, all ensuring high levels of compliance, quality and efficiency. . To visit icemortgagetechnology.com or call (877) 355-4362 to learn more.
About intercontinental exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that provide our clients with access to critical workflow tools that increase transparency and operational efficiency. We operate Tradesincluding the New York Stock Exchangeand clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income securities data services and execution capabilities provide insights, analytics and platforms that help our clients take advantage of opportunities and operate more effectively. AT ICE Mortgage Technology, we are transforming and digitizing the residential mortgage process in the United States, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates can be found here. Key information documents for certain products covered by the EU Regulation on packaged retail and insurance-based investment products can be accessed on the website of the relevant exchange under the heading “Information Documents keys (KIDS)”.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements, see ICE’s filings with the Securities and Exchange Commission (SEC), including, but not Limit thereto, the risk factors in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on February 3, 2022.
© 2022 ICE Mortgage Technology, Inc. All rights reserved. Encompass® and the ICE Mortgage Technology logo are registered trademarks of ICE Mortgage Technology, Inc. entities.
Source: Intercontinental Exchange
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SOURCE: Intercontinental Exchange
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PUBLISHED: 08/03/2022 09:00/DISC: 08/03/2022 09:02