Four ways ICE is enhancing the mortgage loan origination experience


Now more than ever, today's mortgage companies find themselves competing for market share while navigating increasingly compressed margins and evolving borrower preferences. To offset rising costs, process inefficiencies and other business challenges, many lenders are moving to a single system of record for their loan origination experience. To help support this shift in business and operational strategy, having the right solutions and technology partner in place are critical to achieving long-term, scalable success.

At ICE, we are on a mission to revolutionize the mortgage market by combining our world-class technology with our data services and operating expertise to deliver a high level of transparency and efficiency throughout the process. Our integrated, end-to-end ecosystem of proven solutions, data and analytics supports the entire real estate and housing finance lifecycle and creates a better experience for the homeowner. We help clients operate more efficiently, generate new and retain existing customers, reduce risk, make informed decisions and deliver a better experience to their customers – current and future homeowners.

With Encompass® by ICE Mortgage Technology®, the industry’s leading end-to-end digital mortgage platform, lenders can unify and streamline every aspect of their business from customer acquisition to fulfillment of loans, as well as ongoing customer retention. As we continue to invest in the platform, we’re focused on the following four key areas of innovation to drive the industry forward, improve financial performance of mortgage companies and help make the dream of homeownership more affordable and attainable for consumers.

1. Enhancing operational efficiencies

To combat today’s historically tight margins, lenders are looking to their technology partners to help improve efficiencies and lower operational costs across every aspect of their loan origination workflow. Encompass provides the embedded tools, streamlined usability and end-to-end support needed for you to experience immediate out-of-the-box results. In fact, a recent study found that lenders who use Encompass have a cost of origination that is up to $3,750 lower than the industry average. Read this blog article to learn more about how we are driving efficiency across the loan manufacturing process.

2. Transforming traditional workflows and maximizing scalability

With Encompass, lenders have the configurability and power to transform the way their users work across a multitude of workflows. As an example, the Encompass Workflow Engine enables lenders and investors to take automation to the next level by deploying truly exception-based processes that eliminate the vast majority of human intervention in manufacturing a loan. No longer do your users need to touch data, fields and documents multiple times within a loan. These dynamic workflows remove bottlenecks and inefficiencies, enabling users to focus on the work that requires their attention.

3. Providing improved flexibility to extend the user experience

In many cases, the out-of-the-box Encompass experience provides everything many lenders need to enhance productivity for their business. However, there are also a great deal of lenders who require customization and enhanced tools to support their more complex lending operations. As an open platform, Encompass provides the flexibility to create the user experience that best fits your business needs through an ever-expanding offering of APIs, plugins, webhooks and custom input forms. Encompass also acts as the gateway to the largest partner network in the industry.

4. Delivering a reliable, secure and high performing system of record

Everything we do at ICE comes back to ensuring we are providing our customers with a stable and reliable single system of record. This includes delivering the highest level of performance, compliance and security. Our SaaS-based approach for deploying enhancements and software releases is focused on providing updates that are seamless and with little to no impact on the customer’s operations. The platform’s native compliance capabilities also allow users to automate compliance and quality assurance processes, as well as identify risk across each step of the loan process.

What’s next?

This is the first in a series of new blog articles that will provide more concrete examples of how lenders can reap the benefits of our innovations. Stay tuned for the next blog that will drill into how we are helping our customers enhance operational efficiencies across their origination experience. In the meantime, tune into this recent HousingWire Daily episode to hear Nancy Alley, VP of Product Strategy at ICE Mortgage Technology, talk about our areas of focus, the importance of listening to customers and staying nimble with products.

Not an Encompass user and want to learn more about how the platform could impact your business? Request a demo today.

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