Technology and data provider Intercontinental Exchange (ICE) has unveiled several improvements to its digital mortgage lending platform, dubbed Encompass.
In line with its commitment to streamlining the path to homeownership and improving the overall experience, Intercontinental Exchange is investing to boost lender productivity, reduce operational costs, and offer increased value to homebuyers.
The latest update to the Encompass platform introduces expanded features that enable mortgage originators to offer more effective, affordable lending solutions.
Furthermore, the new capabilities also enhance operational efficiency, helping to lower mortgage origination costs for both lenders and borrowers.
Encompass enables lenders to determine a borrower’s eligibility rapidly and seamlessly for a Department of Housing and Urban Development affordable loan programme. It is based on the borrower’s FFIEC Median Income level for a specific Metropolitan Statistical Area (MSA) or Area Median Income (AMI).
Intercontinental Exchange mortgage technology president Tim Bowler said: “Everything we do is with an eye toward that economic reality. As we digitise 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.”
Intercontinental Exchange stated that the new enhancement is the second major update to Encompass this year.
In April 2024, the technology and data provider launched new features that streamline document management and ensure data integrity throughout the mortgage lifecycle.
The integration of ICE Data & Document Automation and ICE Mortgage Analyzers into the Encompass Underwriting Centre provided users with new functionalities for automating disclosure generation and simplifying the underwriting process.
Last year, Intercontinental Exchange joined forces with data analysis software developer and vendor KX to bring high-performance real-time analytics to more than 25 million financial instruments. As part of this Intercontinental Exchange agreed to make use of KX’s platform to offer real-time analytics on data from its own Consolidated Feed and Consolidated History.
