What does it really mean to digitize the closing process?

What does it really mean to digitize the closing process?

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ICE Mortgage Technology, part of ICE, a global provider of data, technology and market infrastructure, recently announced that Encompass eClose, its end-to-end eClose solution, is expanding its hybrid capabilities to now include full eNote and eVault functionality.

In advance of that announcement, HousingWire Editor-in-Chief Sarah Wheeler had the opportunity to catch up with ICE Mortgage Technology President Joe Tyrrell to talk about what it actually means to digitize the closing process. 

“For us, what it’s really about is an easier consumer experience,” Tyrrell said. “…As we’re able to introduce an eNote with remote online notarization, we now get to the point where we can allow consumers to have that truly touchless experience that not only is convenient, but it’s much more efficient for both the lender and for the consumer.”

ICE Mortgage Technology’s addition of eNotes and eVault capabilities aims to streamline the digital mortgage closing process by offering integration with the MERS eRegistry, the national registry of record that identifies the holder and custodian of each registered eNote.​ 

“You know, we’ve never been more excited to be part of ICE, as you think about bringing together these three different leaders:  Ellie Mae with over 50% of all the loans in the United States coming across the platform; Simplifile with the largest network of settlement and title agents in the country; and then you combine that with MERS, which essentially is responsible for the registration over 90% of all loans in the US,” Tyrrell said. “You’ve got some really unique opportunities to do some things that drive incredible efficiencies for all of the participants in the lending ecosystem.”

You can find more information on Encompass eClose solutions and resources here: icemortgagetechnology.com/encompass/eclose.
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