California-based ICE Mortgage Technology announced this week two enterprise agreements to integrate its eClose solution to Maxwell and Roostify platforms, enabling a more streamlined closing process for lenders and borrowers.
Encompass eClose will be part of the mortgage fintech Maxwell’s point-of-sale platform. Roostify, a mortgage technology provider, will integrate the solution to its digital home lending platform.
Parvesh Sahi, senior vice president of business and client development at ICE Mortgage Technology, said that lenders will have a true digital experience that provides efficiency, speed, and cost savings. “We are making it easy for lenders to adopt automation and start gaining the competitive advantages that come with our eClose solution,” Sahi said in a statement.
Maxwell connected the popular Encompass LOS to its point-of-sale platform in 2019. But the new partnership will bring the eClosing workflow electronically, securing valuable savings on lenders per loan costs, the company said.
“With today’s tight margins, lenders need to optimize each step of their process for profitability and success,” John Paasonen, CEO and co-founder of Maxwell, said in a statement.
Founded in 2015, Maxwell uses artificial intelligence to accelerate the mortgage process for over 300 community lenders, banks, and credit unions. The company claims that they close loans 13 days faster and enable their loan officers to close around 15% more loans per month.
Are digital closings really worth it?
Many lenders are familiar with digital closings (eClosings), but they might not know just how valuable they can be to their business. A recent study found that digital closings shorten the time it takes to close, reduce errors and increase ROI — all while improving customer experience.
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Maxwell looks to digitize the entire mortgage transaction with fulfillment, payments, and due diligence solutions. Through its point-of-sale platform, lenders can synchronize documents, send a notification to borrowers and real estate agents, and manage disclosures.
Regarding ICE’s partnership with Roostify, when the closing package is created in the Encompass loan origination system, Roostify’s system will be notified, authenticate the task, and send the requirements to the borrower. Borrowers who sign into their lender’s instance of the Roostify portal will easily review and sign the documentation directly from the platform.
Rajesh Bhat, Roostify’s CEO and co-founder, said the goal is “to create a simpler home lending experience that’s both smooth and transparent for lenders and borrowers.”
San Francisco-based Roostify, founded in 2012, said it helped lenders process more than $50 billion in loans each month, among them enterprise banks and independent brokerages.
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