Business, Free News Articles, Software

ICE Mortgage Technology Acquires eVault Technology from DocMagic for Encompass eClose

TORRANCE, Calif. -- ICE Mortgage Technology™, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced it will deploy an eVault solution for secure storage of digital mortgages and notes, based upon technology acquired from DocMagic, Inc.

The eVault technology will be integrated into ICE's mortgage closing platform, Encompass eClose, a leading-edge 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 ever having to leave Encompass, the industry's most recognized loan origination system.

"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," said Joe Tyrrell, President, ICE Mortgage Technology. "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."

"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 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."

Both ICE and DocMagic are committed to delivering 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 through 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 drive efficiencies and profitability for their businesses.

About 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 across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. 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 information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

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 is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website 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 the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.

About DocMagic:

DocMagic, Inc. is a leading provider of fully compliant document generation, automated compliance, eSignature and comprehensive eMortgage solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops award-winning software, mobile apps, 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-based digital lending transactions. The company's compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both 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(r) and the ICE Mortgage Technology logo are trademarks of the entities of ICE Mortgage Technology.

*LOGO link for media (DocMagic): https://www.Send2Press.com/300dpi/21-0611s2p-docmagic-logo-300dpi.jpg

Related link: https://www.docmagic.com/

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Business, Free News Articles, Software

FormFree Enhances Encompass Consumer Connect® Integration with Auto-Population of Borrower Data into 1003 Loan Application

ATHENS, Ga. -- FormFree® today announced enhancements to the integration between its AccountChek® verification service and Encompass Consumer Connect®. Now, borrower data collected by AccountChek in Consumer Connect will automatically map to the Form 1003 (the Universal Residential Loan Application) in the Ellie Mae® Digital Lending Platform, saving lenders time and relieving them of the frustration and risk associated with manual data entry.

The upgrade also fully embeds AccountChek within the Consumer Connect user experience (UX) for easier borrower navigation and reduced application fall-out.

Ellie Mae, now a part of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading cloud-based platform provider for the mortgage finance industry. The company's Consumer Connect is a mortgage point-of-sale platform that provides a scalable, intuitive experience for homebuyers while helping lenders close loans faster and convert more applications to closed loans.

FormFree's patented AccountChek and AccountChek Plus(tm) provide lenders actionable intelligence on borrowers' ability to repay loans by consolidating, analyzing and verifying asset account balances and details, employment data and income data obtained directly from financial institutions and other authoritative sources.

"FormFree expedites pre-approvals and increases loan pull-through by paperlessly verifying borrower asset, employment and income information in a single report at the point of sale," said FormFree Chief Technology Officer Brian Francis. "The latest enhancements to our Consumer Connect integration will make it easier and faster than ever for lenders to make informed credit decisions."

"As an Ellie Mae Consumer Connect user, we are excited about the recent enhancement to the AccountChek process. The enhanced integration means an easier application process, which supports our objective to continuously improve the member experience," said Dawana Manning, AVP of Loan Fulfillment, Residential Lending for Atlanta-based Delta Community Credit Union. "The increased efficiency gained by the automated addition of VOA [verification of asset] data to the loan application is a huge benefit to our lending team."

About FormFree:

FormFree is a market-leading fintech company whose revolutionary products AccountChek and Passport are changing the credit decisioning landscape and encouraging lenders nationwide to incorporate a more holistic view of each borrower's financial DNA. To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing over a trillion dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, reduces origination timelines by up to 20 days and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey(tm).

For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

Twitter: @RealFormFree @EllieMaeInc @DeltaCommunity #ConsumerConnect #mortgageindustry #VOA

Ticker: NYSE:ICE / NY: ICE

Related link: https://www.formfree.com/

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