ICE Mortgage Says E-close Solution Saves Lenders 70 Minutes Per Loan
March 8, 2022
ICE Mortgage Technology reported that lenders saved 70 minutes per loan and whittled 2.3 days off the loan cycle when using a hybrid e-closing solution.
The study, which was conducted by MarketWise Advisors LLC, found that lenders saved $134 per loan and could save more than $500 per loan with a full e-closing.
“The results of the ROI study on our eClose solution proves the business value of automation. In this case, 70 minutes per loan savings and closing loans two days faster translates to significantly increased profit for lenders,” said Joe Tyrrell, president of ICE Mortgage Technology. “With Encompass eClose, lenders can provide a better experience for borrowers and a single workflow for their own users, where everyone benefits from automation.”
According to the study, the cost savings for lenders is largely a result of the ability to achieve faster loan closing review and set-up, lower manual process costs and maintenance, reduced re-work and errors, resulting in both a tangible ROI and an improved overall borrower experience.
“As a credit union, we’re consistently looking for ways to improve offerings to our members,” said John Simonsen, vice president of real estate at Affinity Plus Federal Credit Union. “We started to leverage hybrid eClose with ICE Mortgage Technology using Encompass in early 2021. The introduction of a Hybrid eClose has enabled us to give our members a better customer experience by reducing the back and forth of collecting missing documents, signatures and re-working the loan—which has assisted us in reducing closing times. Additionally, we’re able to reduce the timely and costly tasks of printing and mailing paper packages.”
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