ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that the industry’s leading origination system released additional enhancements to the Encompass® platform. The Encompass 21.3 release supports the ability for lenders to offer 0% loans, making home ownership more accessible for first time buyers.
“As a technology company, we have been driven by two guiding principles, which are lowering the cost of origination and acquisition for our lenders through automation, and to ensure that everyone has the ability to pursue the dream of homeownership,” said Joe Tyrrell, President of ICE Mortgage Technology. “So, providing a technology platform that supports all loan products, especially those designed to help the underserved markets, is consistent with our mission and our beliefs.”
Encompass has been delivering innovative solutions to drive compliance, quality, and automation in the housing market for more than 20 years. The new Encompass 21.3 release will also offer expanded capabilities for originating mortgage loans, including simple interest and options supporting a $0.00 payment with and without a disclosed balloon, improved workflows for home equity loans and HELOCs, simple interest amortization calculations and payments, as well as automated service ordering for additional mortgage service categories.
ICE Mortgage Technology is also partnering with multiple state Housing Finance Authorities to include support for generating required agreements to support their products within the Encompass Docs solution. By offering this flexibility to lenders, organizations like Habitat for Humanity can continue to make and offer affordable homes to families who wouldn’t otherwise realize their dream of home ownership.
“Our vision is a world where everyone has a decent place to live,” said Janice Jensen, President and CEO of Habitat for Humanity East Bay/Silicon Valley. “ICE Mortgage Technology has demonstrated, for years, their commitment to that vision by providing funding, volunteers, and professional expertise to our cause. Enhancing their lending platform to increase access for first time buyers, often left out of the housing market, is more of the same and we applaud this effort!”
Find out more information about Encompass by ICE Mortgage Technology by accessing the latest brochure: https://static.elliemae.com/pdf/encompass-platform-overview.pdf.
ICE Mortgage Technology combines technology, data and expertise to help automate the mortgage process, from consumer engagement through loan registration, and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry, with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring high levels of compliance, quality and efficiency. 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 offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through 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 is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (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 from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
© 2021 ICE Mortgage Technology, Inc. All rights reserved. Encompass® and the ICE Mortgage Technology logo are trademarks of the entities of ICE Mortgage Technology, Inc.
Source: Intercontinental Exchange
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