Encompass eClose is a recent offering from Ice Mortgage Technology which enables lenders to electronically facilitate every aspect of the eClosing workflow from ordering documents, to delivering loans to investors, all from a single solution. Lenders will gain access to the industry’s largest ecosystem of participants by leveraging one underlying data source that is delivered by a single provider.
Advantages of eClose:
- The eClose process enables lenders to order and receive closing documents using a single source of information without leaving Encompass.
- eClose eliminate the complexity of dealing with multiple vendors and technology systems that often drive up the cost of origination.
- Manage Tasks Using Pipeline Views and Dashboards: eClose is a single solution to manage day to day activities and tasks from a single user interface.
- Borrower Experience: Single experience from the time of initial disclosures to closing.
- Settlement Agent Experience: Task driven intuitive consistent workflow
- Post Closing: Audits to assist back-office activities ensuring compliance and completeness of the closing process
- Automated verification of documents, page counts and completed wet signatures
- Final Title returned electronically (applies to eRecording workflow)
- Return of recorded instrument electronically uploaded into Encompass (applies to eRecording workflow)
- Verification of Section E fees within hours (applies to eRecording workflow)
Streamlining the processes:
eClose streamlines the processes by
- Improving the borrower experience.
- Reducing the time spent at the closing table
- Increases agent efficiencies.
- Using the same closing workflow for all of the loans, from full ink to full eClose.
- Replacing manual and insecure processes like emails and phone calls to agents with a secure, fully digital collaborative experience.
- Leveraging the flexible hybrid capabilities.
Steps to develop a successful eClose Strategy:
Developing a successful eClose strategy can put the lenders on track to gain operational efficiencies, guarantee a better borrower experience and stay ahead of the competition.
- Set expectations: Set adoption volume goals, the timeframe to accomplish them, and benchmarks to meet along the way. Relay information out to the organization on resources that will be allocated to the project and the productivity and ROI expectations once implementation is complete.
- Build a team and make a plan: Draw from the skills and insights of an implementation team that meets regularly and is moving towards a planned delivery date. Key stakeholders should include loan officers, closers, post-closers, and compliance officers.
- Testing: Involve stakeholders to: test the system, challenge functionality, test different use cases and provide feedback regarding any hiccups.
- Drive readiness and adoption: Deliver adequate training, resources, and support for team members to communicate what to expect and what is expected to all internal users and settlement agents.
Looking for more information on implementing eClose or need help in integrating right technology or HMDA reporting, leave us a message.