Intercontinental Exchange (ICE) launched a mortgage insurance (MI) center on its Encompass loan origination system, part of the company’s vision to to become a ‘life-of-loan’ platform.
The mortgage insurance center, which provides services from third-party providers Arch MI, Enact, Essent, MGIC, National MI and Radian, will improve management functionality and enhance rate quote comparisons, ICE said in a news release.
Specifically, lenders will receive mortgage insurance quotes from multiple service providers with a single click, and results will be grouped by product type.
“With the addition of Mortgage Insurance Center, Encompass now offers lenders a full array of tools and ordering options to digitally initiate and complete mortgage transactions on ICE technology,” said Tim Bowler, president of ICE Mortgage Technology.
“With all major Mortgage Insurance providers available at launch, we’re opening doors for lenders to effectively engage with and order mortgage insurance, all through a single interface.”
ICE’s launch of a mortgage insurance center for the Encompass platform is part of the company’s big plan to become a ‘life-of-loan’ platform.
Following ICE’s $12 billion acquisition of Black Knight, executives shared a vision to become a company that powers the mortgage process from origination to final settlement, all in a unified digital ecosystem.
“By integrating Black Knight servicing and robust data and analytics offerings with ICE’s industry-leading loan origination data and document automation platform, as well as our closing and consumer engagement solutions, we have a combined platform that provides a true life-of-loan offering that will drive transparency and efficiencies across the workflow,” Ben Jackson, president and chair of ICE Mortgage Technology, told analysts in September.
