ICE Mortgage Technology said it will deploy an eVault solution for secure storage of digital mortgages and notes, based upon technology acquired from DocMagic, Inc., according to a press release.
The eVault technology will be integrated into ICE’s mortgage closing platform, Encompass eClose, a solution that helps to transform the way loans are electronically closed in the United States.
Encompass eClose enables lenders to electronically facilitate every aspect of the eClosing workflow, from ordering documents to delivering loans to investors, and all steps in between, without having to leave Encompass, the company stated.
“By creating an end-to-end solution and further automating the mortgage closing process, we’re helping the industry transition to paperless closings and enabling more efficient processes for our customers,” Joe Tyrrell, president, ICE Mortgage Technology, said in the release. “We acquired technology from DocMagic, who has deep experience in the mortgage space, and when this technology is integrated with our other services, Encompass eClose will enable customers to eliminate time and cost in the closing process and create better experiences for borrowers.”
Both ICE and DocMagic said they are committed to delivering technology to increase eClosing adoption in the mortgage industry.
“ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years,” DocMagic President/CEO Dominic Iannitti said. “The migration towards digital mortgages is progressing quickly, and we’re happy to have provided ICE with capabilities to enable fully-paperless lending workflows along with better supply chain connectivity.”