To combat today’s historically tight margins, many mortgage lenders are looking to their technology partners to help improve efficiencies and lower operational costs across every aspect of their loan origination workflow. As ICE moves forward towards our mission to revolutionize the mortgage market, one of our four key areas of focus is delivering new efficiencies that benefit everyone across the homebuying continuum.
With Encompass® by ICE Mortgage Technology®, we are investing in new ways to unify and streamline every aspect of the loan lifecycle - from customer acquisition to fulfillment of loans all the way through the capital markets. Designed to support each of your channels, including retail, consumer direct, HELOC, wholesale and correspondent, Encompass provides the embedded tools, improved usability and end-to-end support needed for you to experience immediate out-of-the-box results. In fact, a recent MarketWise Advisors study found that lenders who use Encompass have a cost of origination that is up to $3,750 lower than the industry average. Below are a few examples of how we are delivering new and innovative solutions within Encompass to further enable the lending community to be as productive and successful as possible.
Unlocking unparalleled lead generation and management
In today’s mortgage landscape, cultivating relationships with potential borrowers is critical. Functioning as the central hub of the mortgage financing experience, Encompass serves as a repository for all borrower and loan data. This allows lenders to leverage Encompass data to power customer acquisition efforts through their marketing tools, like Surefire℠ CRM and Mortgage Marketing Engine. Following our acquisition of Black Knight last September, we’ve been working hard to deepen the integration between Encompass and Surefire to enable lenders to more quickly and easily build and execute marketing programs to current customers based on near real time data. By leveraging Surefire in conjunction with Encompass, lenders can now drive high quality leads like never before.
Streamlining document management
Historically, document management has been an extremely manual and time-consuming process. The document management experience in Encompass simplifies how lenders commonly update, send, request and maintain documents within their loan origination system (LOS). Most recently, we released new enhancements to the Encompass eFolder, which enable lenders to easily view, organize, edit, send and receive borrower loan documents in a single place within their native loan origination workflow.
Transforming the underwriting process
Beyond document management, the enhanced underwriting functionalities in Encompass have truly upleveled underwriter productivity. As one of the most time intensive and expensive aspects of the lending process, we are focused on delivering tools embedded within Encompass that drive a more efficient, innovative underwriting workflow. Our latest step on this journey is integrating the and the ICE Mortgage Analyzers™ into the Encompass Underwriting Center. By automating data analysis and validation for both credit and income, ICE Credit and Income Analyzers help to enable seamless compliance, reduce processing times and minimize errors, empowering lenders to enhance productivity and deliver a superior borrower experience.
Automating disclosures
One of the most time intensive aspects of the mortgage lending process is disclosure management. To solve some of the core pain points lenders across the U.S. experience related to disclosures, we recently released new automation capabilities within Encompass to help our customers increase productivity, reduce compliance risks, enhance the borrower experience and improve loan quality. Now, Encompass users can automatically generate and populate loan disclosure documents based on loan data and send them to borrowers. This new capability is also fully configurable, allowing lenders to build automation rules, conditions and schedules that cater to the needs of their business.
Continuing to deliver new innovation
At ICE, we are continuing to innovate and improve the Encompass platform to meet the evolving needs of lenders in today’s market climate. One of the latest examples of how we are helping customers drive new efficiencies is the launch of the Mortgage Insurance Center, which offers lenders a full array of tools and ordering options to digitally initiate and complete mortgage transactions without leaving Encompass. Additionally, we recently announced significant investments in product and pricing innovation, with new enhancements to ICE PPE, the Encompass platform’s native product and pricing engine. Click here to learn more about what makes ICE PPE the ideal choice for lenders looking for a fast, reliable end-to-end product and pricing solution. Curious about what’s next? Stay tuned for more enhancements to be announced as a part of our Encompass 24.2 Major release coming soon.
Not an Encompass user and want to learn more about how the platform could impact your business? Request a demo today.
