ICE Mortgage Technology’s Solutions for Correspondent and Wholesale Demonstrate Significant ROI in Third Party Origination Channels
19 October 2021 - 11:30PM
Business Wire
Study Quantifies Value of Encompass® and
Encompass TPO Connect® Portal for Correspondent and Wholesale
Lenders
ICE Mortgage TechnologyTM, part of Intercontinental Exchange,
Inc. (NYSE: ICE), a leading global provider of data, technology and
market infrastructure, announced the results of a recent,
independent return on investment (ROI) study that shows Encompass®
and Encompass TPO Connect® deliver quantifiable results and value
to correspondent and wholesale lenders who acquire third party
originated loans using ICE Mortgage Technology solutions. Built on
the ICE Mortgage Technology™ Platform, Encompass TPO Connect is a
fully configurable web-based portal that allows wholesale and
correspondent lenders to easily collaborate with their third-party
originators (TPOs). Encompass, coupled with Encompass TPO Connect,
demonstrates the efficiency and ease customers experience in
acquiring and managing loans from correspondent lenders and
wholesale brokers for faster results, maximum quality, compliance,
and profitability on every loan.
“In both the correspondent and wholesale space, each individual
in the ecosystem has historically exchanged documentation and
information in a manual and analog environment - often requiring
duplicative tasks, aggregating information from several sources and
then manually reviewing loan files for accuracy and completion,”
said Parvesh Sahi, Senior Vice President, Business and Client
Development at ICE Mortgage Technology. “The ROI study proves
Encompass and Encompass TPO Connect are a catalyst for
correspondent and wholesale digitization by effectively
demonstrating an ability to deliver significant ROI speed and scale
while maintaining the quality to reduce risk and error.”
The ROI study shows how effectively ICE Mortgage Technology
solutions enable correspondent and wholesale lenders to reduce
cost, improve efficiency and scalability, and speed up funding -
resulting in a 28% increase in operational leverage.
According to the study, correspondent lenders recognized a 10.8X
annual return, citing automating purchase review, document
management, package receipt and sync, and compliance reviews as
leading time savers. Wholesale lenders experienced gains in
broker/client management, data validation, and loan acquisition
resulting in 209 minutes saved per loan plus two-day faster funding
cycles. The results vary by segment, with both correspondent and
wholesale lenders reducing their average loan costs by at least
$575 per loan.
“As lenders prepare for shifts in the market, maximizing
customer experience, scalability and profitability is key,” said
Jordan Brown, CEO of MarketWise Advisors, LLC. who conducted the
independent study. “The value is in knowing what areas of our
business are the most time-consuming and costly and where we can
improve margins and speed. This study breaks down where lenders are
specifically gaining efficiencies and have opportunities for
growth.”
The study is just a starting point and demonstrates the
significant benefits of Encompass and Encompass TPO Connect as an
easy to implement, turnkey solution. For those lenders implementing
additional customization through APIs, the results are even more
compelling. ICE Mortgage Technology and MarketWise Advisors, LLC.
shared these findings in recent webinars with correspondent and
wholesale lenders.
ICE Mortgage Technology combines technology, data and expertise
to help automate the mortgage process, from customer engagement
through loan registration, and every step and task in between. ICE
Mortgage Technology is the leading cloud-based loan origination
platform provider for the mortgage industry, with solutions that
enable lenders to originate more loans, lower origination costs,
and reduce the time to close, all while ensuring high levels of
compliance, quality and efficiency. Visit icemortgagetechnology.com
or call (877) 355-4362 to learn more.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500
company that designs, builds and operates digital networks to
connect people to opportunity. We provide financial technology and
data services across major asset classes that offer our customers
access to mission-critical workflow tools that increase
transparency and operational efficiencies. We operate exchanges,
including the New York Stock Exchange, and clearing houses that
help people invest, raise capital and manage risk across multiple
asset classes. Our comprehensive fixed income data services and
execution capabilities provide information, analytics and platforms
that help our customers capitalize on opportunities and operate
more efficiently. At ICE Mortgage Technology, we are transforming
and digitizing the U.S. residential mortgage process, from consumer
engagement through loan registration. Together, we transform,
streamline and automate industries to connect our customers to
opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for certain
products covered by the EU Packaged Retail and Insurance-based
Investment Products Regulation can be accessed on the relevant
exchange website under the heading “Key Information Documents
(KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE’s business that are not historical facts are “forward-looking
statements” that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE’s Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE’s
Annual Report on Form 10-K for the year ended December 31, 2020, as
filed with the SEC on February 4, 2021.
© 2021 ICE Mortgage Technology, Inc. All rights reserved.
Encompass® and the ICE Mortgage Technology logo are trademarks of
the entities of ICE Mortgage Technology, Inc.
Source: Intercontinental Exchange
ICE-CORP
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PRESS CONTACT Jenny Gendron ICE Mortgage Technology (925)
227-3490 jenny.gendron@ice.com
ICE INVESTOR RELATIONS CONTACT Mary Caroline O’Neal
marycaroline.oneal@ice.com (770) 738 2151 investors@ice.com
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