According to the company, this is a step in helping first-time homebuyers achieve homeownership as it is becoming much harder to do so given the rise in home prices and scarcity in inventory.
“As a technology company, we have been driven by two guiding principles, which are lowering the cost of origination and acquisition for our lenders through automation, and to ensure that everyone has the ability to pursue the dream of homeownership,” said Joe Tyrrell, president of ICE Mortgage Technology. “So, providing a technology platform that supports all loan products, especially those designed to help the underserved markets, is consistent with our mission and our beliefs.”
The new Encompass 21.3 release will also offer expanded capabilities for originating mortgage loans, including simple interest and options supporting a $0.00 payment with and without a disclosed balloon, improved workflows for home equity loans and HELOCs, simple interest amortization calculations and payments, as well as automated service ordering for additional mortgage service categories.
ICE Mortgage Technology is also partnering with multiple state Housing Finance Authorities to include support for generating required agreements to support their products within the Encompass Docs solution. By offering this flexibility to lenders, organizations like Habitat for Humanity can continue to make and offer affordable homes to families who wouldn’t otherwise realize their dream of homeownership.