Joe Tyrrel, President
The onset of the COVID-19 pan¬demic has caused an unprecedent¬ed level of implications for busi¬nesses and people alike. Its impact has consequently worsened the financial ser¬vices sector and individuals’ wealth and debt levels. For homeowners, mortgage debt is the single largest source of debt and has the most significant effect on their finances and ability to stay solvent through wage losses in these times. Moreover, as vaccination programs roll out, the long-term consequences of the crisis for the global economy and financial sector are still unpredictable. However, responses from governments and officials have been prompt and different measures have already been tak¬en to sustain the economy, the banking sec¬tor, and, ultimately, the people. That said, the mortgage industry has embraced innovation in the wake of the crisis by incrementally ex¬ploring the possibilities of rapid digitalization. While digitalization and customer communi¬cation play a significant role in the prevailing low-touch environment, borrowers will al¬ways need a trusted advisor. The solution lies in providers adopting technologies like APIs, augmented reality (AR), virtual reality (VR), robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML) in key mortgage areas such as property valu¬ations, mortgage document data extraction, customer communications and so on. As a re¬sult, the digital lending landscape in the USA is expected to register a compounded annual growth rate of 19 percent by 2025. End-to-end digitalization of the mortgage value chain will help lenders collect the required data, and ap¬propriate utilization of data insights will help immensely enhance customer experience.
As a result, industry experts have taken this chance to take a deep dive into ICE mortgage Technology solutions. ICE Mortgage Technology blends technology, data, and expertise to automate the entire mortgage process from consumer engagement through loan registration and every step and task in between. It is the leading cloud-based loan origination platform provider for the mortgage industry with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance quality and efficiency.
ICE Mortgage Technology’s most recent Borrower and Lender Insights Survey found that the COVID-19 pandemic has permanently changed the way consumers use technology. With the change, consumers looking to purchase or refinance a home seek tech-forward lenders, offering online tools to complete the mortgage loan process remotely. The survey results completely align with the growing need for one consistent and seamless automated platform that connects borrowers to lenders to e-signing and saves lenders time and money along the way. The company realized this need and launched Encompass eClose for its customers, and it’s a prime example of how the industry views technology moving forward.
We are constantly innovating to deliver more automation to fuel the digital mortgage on behalf of our lenders
“We are constantly innovating to deliver more automation to fuel the digital mortgage on behalf of our lenders,” –– Joe Tyrrell, President, ICE Mortgage Technology. With the utilization of Encompass, the company is aiming to provide new levels of automated service ordering, efficient and collaborative workflows, and the foundation for our hybrid eClosing. In addition, Encompass offers lenders immediate savings and operational improvements as the leading Loan Origination System (LOS) is designed to originate more loans, lower costs, reduce time to close, and make smarter business decisions. This is critical for lenders, especially when experiencing peak volumes, remote workforces, and homebuyers seeking high-tech capabilities with human touch availability.
“Our pilot lenders who have already been using these enhanced capabilities have provided great feedback on their impact, speed, and performance. They were impressed by the lightning upload speed and viewing performance improvements; they loved the modern look and feel, and appreciated the omni-channel business model support for greater flexibility” - Joe Tyrrell, President, ICE Mortgage Technology. . The company continues to support their Encompass lenders solution by providing them the automation and innovation to drive their businesses forward. To further illustrate the efficacy of ICE Mortgage Solutions we highlight a customer case study where a prominent mortgage firm’s previous LOS platform was limited in flexibility, design, stability, and partnership/support. The client firm had to build many processes outside the platform and spend significant resources and time troubleshooting and maintenance. In addition, they also had limited system independence and, therefore, had to rely heavily on the vendor for support with any change. To help them overcome these hurdles, ICE Mortgage Solutions utilized the Encompass business rules functionality and overall flexibility to automate their review process. This contributed to a 14 percent average increase in production, and as an indirect benefit, significantly reduced IT and business support time in troubleshooting issues. Furthermore, the client experienced an ROI of over 50 percent in the first year with cost savings in compliance and process efficiencies.
The pandemic has urged mortgage firms to keep policies and procedures flexible to minimize the dependence on manual effort to ensure business certainty. Whether consumers have been through the mortgage loan process or not, consumers demand an online mortgage process would make buying a home more convenient than an in-person process. In a recent survey, 53 percent of homeowners who used the online application appreciated the simpler application process that reduced time and resulted in fewer in-person interactions. Not surprisingly, decreased in-person interactions grew in importance in 2020 with a constant need for social distancing. Given the increasing consumer adoption of digital modes of interaction, ICE Mortgage Technology provides a major enhancement that offers lenders the flexibility to support an omni-channel approach and design around business process terms and workflows for an improved user experience.