ICE Mortgage creates eClose ties with Roostify and Floify

ICE Mortgage Technology has entered into integration agreements with a pair of point-of=sale vendors to allow for cross platform operability for eClosings.

The integrations with Roostify and Floify are the first ICE has made with outside providers; several other partner integrations are expected in the future, said Parvesh Sahi, Senior Vice President of Business and Client Development at ICE Mortgage Technology.

Ecompass POS Consumer Connect also has an eClose integration.

This is an optionality play, in which ICE Mortgage Technology provides extensible application programing interfaces with its Encompass loan origination system, Sahi said.

"And with customers, they may choose to use our proprietary technology, they may use to choose our partners on top of it," he continued. "And so we want to be able to support whatever selection they have."

These integrations are typically customer driven, aiming to give the borrower a digital experience beyond the point-of-sale, not just at application, but all the way through closing.

Meanwhile, "the lender wants the benefits of ultimately having a full eClose — including eNotes — which allows them to be a little bit more efficient with their execution into the secondary market and reducing some of their costs with warehouse lines and things of that nature," Sahi said.

Lenders also want to be able to have a single vendor for everything they need to do eClosings — especially for vendor management purposes — instead of having to work with several providers.

These announcements came out as part of ICE Mortgage Technology's Experience Conference in Las Vegas this week.

"It's definitely a hot topic at our conference, given where the markets are and the attention that eClose is getting," Sahi noted.

The ICE Mortgage Technology's Encompass eClose, delivered through Roostify integration, enables a system-to-system delivery of preliminary and closing disclosures that the consumer can electronically sign in real time.

"Roostify's goal is to support and create a simpler home lending experience that’s both smooth and transparent for lenders and borrowers, and our e-close integration with ICE Mortgage Technology helps us further that mission," said Roostify CEO Rajesh Bhat in a press release.

The integration with point-of-sale technology offering Floify is similar.

“Our soon-to-be-released integration with ICE's Encompass eClose solution will help lenders eliminate the complexity and added cost associated with managing multiple solutions," said Dave Sims, its CEO, in a press release. "If you're a Floify user, the rest of the process is seamlessly integrated from disclosure through closing.”

Separately, ICE Mortgage Technology has created a data capture interface with Ocrolus, whose product uses optical character recognition technology to pull information off forms that can then be used in decision making by originators and servicers.

"A majority of the time is associated with review bottlenecks involving borrower documents and lender calculation checks" Suzanne Ross, Ocrolus' director of product, mortgage, said in a press release. "The Ocrolus Encompass Integration accelerates the entire mortgage workflow by delivering verified data to users within their preferred platform for fast and informed decision making."

The three applications are: DocIndex, to automate document identification, indexing and sorting; DocSnapshot, to verify borrower data using a side by side comparison of extracted data with a Uniform Residential Loan Application within Encompass; and DocIncome, to streamline income calculations from multiple source documents.