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.
