September 28, 2021

MP Now News

Mortgage News

ICE Mortgage Technology acquires eVault source code from DocMagic

ICE Mortgage Technology has obtained the source code for the electronic safe technology from DocMagic, which is now being integrated into the Encompass eClose product.

“By developing an end-to-end solution and further automating the mortgage closing process, we are helping the industry transition to paperless closing and enabling our customers to process more efficiently,” said Joe Tyrell, president of ICE Mortgage Technology, in a press release. “We have acquired technology from DocMagic, which has extensive mortgage expertise, and when this technology is integrated with our other services, Encompass eClose will enable customers to save time and money in the closing process and create better experiences for borrowers.”

The eVault code enables secure storage of digital mortgages and promissory notes with Encompass eClose.

Intercontinental Exchange, the parent company of today’s ICE Mortgage Technology, acquired Ellie Mae, the creator of the Encompass lending system, by Thoma Bravo in September 2020. The company siblings include the MERS electronic mortgage register and the Simplifile electronic recording network.

“The migration to digital mortgages is moving fast and we are pleased to have added functionality to ICE that enables completely paperless lending workflows along with better supply chain connectivity,” said Dominic Iannitti, President and CEO of DocMagic.

DocMagic has its own electronic closing system Total eClose and earlier this week announced that AmeriSave Mortgage is a customer.

In May, Atlantic Bay Mortgage Group announced that it had completed 10,000 paperless deals through Total eClose, all but seven of which had closed since January 2020.

The terms of the deal were not disclosed. The transaction with DocMagic will not have a material impact on ICE’s revenue or capital allocation plans, the press release said.