A flexible end-to-end origination solution
The mortgage industry is faced with constant changes. Regulations change, customer needs evolve and economic conditions fluctuate. Lenders need a loan origination system (LOS) that can keep up with the changing times. Include by ICE mortgage technology aims to provide a flexible end-to-end solution for lenders in a modern market.
Encompass provides a unified platform for lenders to handle every aspect of the lending process. From creation to closing, it covers all credit channels in one system. This integration streamlines workflows, potentially reducing costs and improving customer service.
“We are always looking for ways to make the loan process smoother,” explains an ICE Mortgage Technology representative. Their team regularly updates Encompass to make it more user-friendly and adaptable to different business needs.
Today’s housing market presents unique challenges. Affordability is a major concern for many potential buyers. Encompass has responded with features to help lenders navigate this landscape. For example, it can now determine a borrower’s eligibility for Department of Housing and Urban Development (HUD) affordable loan programs. This tool uses median income data from the Federal Financial Institutions Examination Council (FFIEC) to assess eligibility.
Encompass has also upgraded its document management capabilities. By integrating ICE Data & Document Automation and ICE Mortgage Analyzers, the platform aims to simplify paperwork and ensure data accuracy throughout the loan process.
Efficiency is an important point of attention for Encompass. The system automates many repetitive tasks, allowing staff to focus on more complex problems. This automation can speed up loan processing, help maintain regulatory compliance, and provide useful data insights.
An independent study showed impressive results for Encompass users. On average, lenders saw a $1,056 increase in gross profit per loan and a 23% increase in loan production volume without additional staff. They also reduced the time from application to closing by three days.
Keri Rogers, Senior Vice President of Strategic Planning at Lennar Mortgage, shared her experience: “Encompass helped us streamline our entire process. The flexibility allows us to tailor it to our specific business needs.”
One of the striking features of Encompass is its extensive partner network. The platform integrates with a wide range of third-party services, from automated underwriting to title and escrow. This ecosystem allows lenders to build custom workflows that fit their specific needs.
At its core, ICE Mortgage Technology’s Encompass is more than just a loan origination system. It is a flexible, highly configurable, end-to-end platform designed to help lenders deal with the complexities of today’s mortgage market. By focusing on flexibility, automation and partnerships, Encompass aims to improve the lending experience for both lenders and borrowers while increasing profitability.
