Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced several new enhancements to the Encompass ® digital mortgage lending platform. As part of its mission of making the path to homeownership – and the experience from then on – as fast, accessible, and as simple as possible, ICE is making significant, ongoing investments to help lenders improve productivity, lower operational costs and provide more value to homebuyers.
With prospective homebuyers facing the most daunting affordability challenges in four decades, the most recent Encompass update features expanded capabilities for mortgage originators to offer beneficial affordable lending solutions for their customers. In addition, new features drive greater operational efficiency to help lower mortgage origination costs for lenders, and ultimately borrowers. Encompass now helps lenders quickly and easily determine a borrower’s eligibility for a Department of Housing and Urban Development affordable loan program based on the borrower’s FFIEC Median Income level for a given Metropolitan Statistical Area (MSA) or Area Median Income (AMI).
“Affordability challenges are at the root of today’s constricted housing and mortgage markets,” said Tim Bowler, President of ICE Mortgage Technology. “Everything we do is with an eye toward that economic reality. As we digitize the entire housing finance lifecycle, Encompass is continually updated to eliminate inefficiencies. The goal is to progressively reduce friction in the process – and with it, time and costs – via an integrated, end-to-end digital ecosystem. And by making the affordable loan eligibility identification process easier for lenders, we’re also making it easier for them to match the right mortgage programs to the prospective homebuyers, expanding the potential options our clients can offer households in this market.”
This is the second major Encompass release of 2024. In April, following a sneak preview for clients and partners during the company’s annual Experience conference in Las Vegas, ICE introduced powerful new capabilities that streamline document management and ensure data integrity throughout the mortgage lifecycle. Users also gained the ability to automate disclosures generation and simplify the underwriting process with the integration of ICE Data & Document Automation ™ and ICE Mortgage Analyzers ™ into the Encompass Underwriting Center.
“Encompass remains an integral piece of our mission to overhaul U.S. housing finance technology for the benefit of American families,” Bowler added. “Incorporating both input, feedback and testing from our customers and industry partners, we’re steadily delivering on our vision for an end-to-end digital ecosystem of solutions that improve the financial and operational performance of mortgage companies and, ultimately, deliver a better experience for homebuyers.”
