ICE Mortgage Technology will now deploy an “eVault” solution as part of its mortgage closing platform to ensure the secure storage of digital mortgages and notes, it announced late last week.
Digital mortgage platform DocMagic Inc. is providing the eVault technology which will be integrated into Encompass eClose, ICE’s closing platform, the company said in a release. Encompass eClose enables lenders to electronically facilitate every aspect of the eClosing workflow without ever having to leave Encompass.
Both ICE and DocMagic are committed to delivering technology to increase eClosing adoption in the mortgage industry, said Joe Tyrrell, ICE Mortgage president.
“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,” Tyrrell said.
“ICE Mortgage Technology and DocMagic have been helping lenders implement digital mortgage processes for years,” added Dominic Iannitti, DocMagic CEO and president. “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.”
In the past year, DocMagic has made headlines in the digital closing space. After remote online notarizations began picking up steam during the pandemic, DocMagic and Secure Insight announced in March the launch of a RON joint training program.
ICE, which owns Ellie Mae, announced in April that appraisal-management tech provider AppraisalWorks is now available through its platform. Through the integration, lenders can now order, assign, monitor, and review real estate valuations from a marketplace of AMCs and appraisers directly through the ICE platform.
ICE has been a serious player in the mortgage tech space through its lifespan — particularly with regards to mergers and acquisitions. The company acquired a majority equity position in MERSCORP Holdings, the owner of Mortgage Electronic Registration System in 2016, and purchased the remaining stake two years later. ICE also acquired Simplifile in 2019 for $335 million.
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