ICE Mortgage Technology recently introduced an enhanced version of its Encompass platform to aid the efforts of mortgage lenders and correspondent investors.
Encompass 21.2 supports the recently updated General Qualified Mortgage (QM) final rule, providing lenders with the capability to calculate QM loans eligibility via new price-based thresholds required by the government to sell loans to the secondary market.
“Our support for the new General QM rule will help mortgage companies save time and increase productivity across the lending and acquisition processes,” ICE Mortgage Technology President Joe Tyrrell said. “The latest Encompass release further highlights our commitment to leveraging our technology, data, and industry expertise to help our clients and partners navigate the ever-changing lending landscape.”
Additionally, the technology would allow lenders to use both existing and new QM rules before the mandatory switch to accommodate GSE and investor requirements seamlessly.
The recently updated General Qualified Mortgage (QM) final rule requires lenders to retrain teams and update compliance processes and protocols to ensure industry standards are met ahead of the mandatory implementation date.
The firm said its technology initiatives make it feasible for lenders to originate more loans, lower origination costs, and reduce the time to close while ensuring compliance, quality, and efficiency.
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