ICE Mortgage Technology acquires eVault technology from DocMagic for Encompass eClose
PLEASANTON and TORRANCE, Calif., June 11, 2021 (SEND2PRESS NEWSWIRE) – ICE Mortgage Technology ™, a subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and infrastructure market, today announced that it is deploying an eVault solution for secure storage of mortgages and digital notes, based on technology acquired from DocMagic, Inc.
EVault technology will be integrated into ICE’s mortgage closing platform, Encompass eClose, a leading-edge solution that helps transform the way loans are closed electronically in the United States. Encompass eClose enables lenders to electronically facilitate all aspects of the eClosing workflow, from ordering documents to granting investor loans – and all the steps in between – without ever having to leave Encompass, the loan origination system. the most recognized in the sector.
“By creating an end-to-end solution and further automating the mortgage closing process, we are helping the industry move to paperless fencing and empower more efficient processes for our clients,” said Joe Tyrrell, president of ‘ICE Mortgage Technology. “We have acquired technology from DocMagic, which has extensive experience in the mortgage industry, and when this technology is integrated with our other services, Encompass eClose will enable clients to eliminate the time and costs of the closing process and to create better experiences for borrowers. “
“ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years,” said Dominic Iannitti, President and CEO of DocMagic. “The migration to digital mortgages is progressing rapidly and we are pleased to have provided ICE with the capabilities to enable fully paperless lending workflows as well as better supply chain connectivity. “
Both ICE and DocMagic are committed to providing technology to increase eClosing adoption in the mortgage industry.
ICE Mortgage Technology combines technology, data and expertise to automate the entire mortgage process, from consumer engagement to loan registration. Today, more than 3,000 mortgage lenders, 45,000 agents, as well as technology partners and mortgage investors can use the powerful capabilities of ICE Mortgage Technologies solutions to increase the efficiency and profitability of their businesses.
About the 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 in major asset classes that provide our clients with access to essential workflow tools that increase transparency and operational efficiency. 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 insight, analysis and platforms that help our clients take advantage of opportunities and operate more efficiently. At ICE Mortgage Technology, we’re transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunities.
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 can be found here. The key information documents for certain products covered by the EU Retail and Insurance Investment Products Regulation can be accessed on the website of the relevant exchange 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 forward-looking statements, see documents filed by the Securities and Exchange Commission (SEC) of ICE, including, but not limited to be limited to the risk factors in ICE’s annual report. Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 4, 2021.
DocMagic, Inc. is a leading provider of fully compliant document generation, automated compliance, electronic signature and comprehensive electronic mortgage solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops award-winning software, mobile applications, processes, and web-based systems for the production and delivery of compliant loan document packages. The company’s solutions connect industry participants, promote collaboration, and data integrity to execute precision-driven digital lending transactions. Company compliance experts and in-house legal staff constantly monitor legal and regulatory changes at the federal and state levels to ensure accuracy. For more information on DocMagic, visit https://www.docmagic.com/.
© 2021 Ellie Mae, Inc., doing business as ICE Mortgage Technology. All rights reserved. Encompass® and the ICE Mortgage Technology logo are registered trademarks of the ICE Mortgage Technology entities.
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News source: DocMagic, Inc.
ICE Mortgage Technology acquires eVault technology from DocMagic for Encompass eClose Source link ICE Mortgage Technology acquires eVault technology from DocMagic for Encompass eClose