ICE Mortgage Technology will integrate an eVault solution based on technology it acquired from DocMagic, Inc. into its mortgage closing platform, Encompass eClose. The solution will provide secure storage for digital mortgages and notes.
“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, ICE Mortgage president, said in a 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,” he added.
Encompass eClose is a solution provided by ICE Mortgage that enables lenders to electronically facilitate every aspect of the eClosing workflow within the Encompass platform. The integration of eVault is just one of the steps taken by ICE Mortgage and DocMagic in their commitment to increase eClosing adoption in the mortgage industry.
“ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years,” Dominic Iannitti, DocMagic president and CEO, 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.”