ATLANTA & NEW YORK, August 19, 2024–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE: ICE), a leading global technology and data provider, today announced several new enhancements to the Encompass® digital mortgage lending platform. As part of its mission to make the path to homeownership – and the experience thereafter – as fast, accessible and easy as possible, ICE makes significant, ongoing investments to help lenders increase productivity, reduce operating costs and deliver more value to homebuyers.
As prospective homebuyers face the greatest home affordability challenges in four decades, the latest Encompass update provides expanded opportunities for mortgage lenders to offer low-cost, affordable loan solutions to their customers. Additionally, new features provide greater operational efficiencies to reduce the cost of mortgage application for lenders and, ultimately, borrowers. Encompass now helps lenders quickly and easily determine a borrower’s eligibility for a Department of Housing and Urban Development affordable loan program based on the borrower’s FFIEC median income level for a specific Metropolitan Statistical Area (MSA) or the median income of a specific region (AMI).
“Affordability challenges are at the root of today’s tight housing and mortgage markets,” said Tim Bowler, President of ICE Mortgage Technology. “Everything we do is designed with this economic reality in mind. As we digitize the entire home financing lifecycle, Encompass is continually updated to eliminate inefficiencies. The goal is to gradually reduce friction in the process – and therefore time and cost – through an integrated, end-to-end digital ecosystem. And by making the process of determining credit scores for affordable loans easier for lenders, we are also making it easier for them to match prospective homebuyers with the right mortgage programs, expanding the potential options our clients can offer households in this market.”
This is the second major Encompass release of 2024. In April, after a preview for clients and partners during the company’s annual Experience conference in Las Vegas, ICE unveiled powerful new features that streamline document management and ensure data integrity throughout the mortgage lifecycle. Users also gained the ability to automate disclosure generation and streamline the underwriting process by integrating ICE data and document automation™ And ICE Mortgage Analyzers™ to the Encompass Underwriting Center.
“Encompass remains an integral part of our mission to modernize U.S. housing finance technology for the benefit of American families,” Bowler added. “Incorporating input, feedback and testing from our customers and industry partners, we are executing on our vision of an end-to-end digital ecosystem of solutions that improves the financial and operational performance of mortgage lenders and ultimately delivers a better experience for homebuyers.”
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services for major asset classes and help our clients access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity and options businesses Stock exchanges — including the New York Stock Exchange — And Clearinghouses help people invest, raise capital and manage risk. We offer some of the world’s largest markets for trading and clearing energy and environmental products. Our fixed income, Data services and execution capabilities provide information, analytics and platforms that help our customers optimize processes and seize opportunities. ICE Mortgage Technologywe are transforming U.S. home finance, from initial customer contact through loan origination, closing, enrollment and long-term servicing relationships. Together, ICE transforms, streamlines and automates industries to create opportunity for our clients.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE Block Design, NYSE and New York Stock Exchange. For information on other trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates, please see HereKey information documents for specific products covered by the EU Regulation on packaged retail and insurance-based investment products can be found 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 that could cause actual results to differ from those contained in the forward-looking statements, see ICE’s filings with the Securities and Exchange Commission (SEC), including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 8, 2024.
Category: Mortgage Technology
ICE CORP
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