ICE Mortgage Technology has obtained the source code for electronic vault technology from DocMagic, which will now be integrated into the Encompass eClose product.
"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, president of ICE Mortgage Technology, said in a press 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."
The eVault code will allow for secure storage of
Intercontinental Exchange, the parent company of what is now ICE Mortgage Technology,
"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," said Dominic Iannitti, president and CEO of DocMagic.
DocMagic has its own electronic closing system, Total eClose, and earlier this week disclosed that AmeriSave Mortgage was a client.
In May, Atlantic Bay Mortgage Group, announced it had done 10,000 paperless closings through Total eClose, all but seven of them have been completed since January 2020.
Terms of the deal were not disclosed. The transaction with DocMagic will not be material to ICE's earnings or have an impact on capital allocation plans, the press release said.
