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ICE Mortgage Technology, part of Intercontinental Exchange, Inc., a leading global provider of data, technology and market infrastructure, announced it will release an eVault solution for secure storage of digital mortgages and notes, based upon technology acquired from DocMagic, Inc.
The eVault technology will be integrated into ICE’s mortgage closing platform, Encompass eClose. Encompass eClose gives lenders the ability to electronically facilitate every aspect of the eClosing workflow, from ordering documents to delivering loans to investors - and all steps in between.
“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,” said Joe Tyrrell, president, ICE Mortgage Technology. “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.”
ICE Mortgage Technology combines technology and data to automate the entire mortgage process from consumer engagement through loan registration. Mortgage lenders, agents, technology partners and mortgage investors can use the capabilities of ICE Mortgage Technologies solutions to drive efficiencies and profitability for their businesses.
The transaction will not be material to ICE’s earnings or have an impact on capital allocation plans, according to a press release.