Appraisal-management tech provider AppraisalWorks is now available through the ICE Mortgage Technology Platform, the company announced Tuesday.
ICE Mortgage Technology, formerly known as Ellie Mae, is a cloud-based loan origination platform provider for the mortgage industry. With this integration, lenders can now order, assign, monitor, and review real estate valuations from a marketplace of AMCs and appraisers directly through the ICE platform.
AppraisalWorks Vice President Ben Wiant said lenders will be able to set up approved vendor panels, customize workflows by lending channel, and configure automated assignment logic to route orders based on “patented business rule logic.”
“[This should] eliminate administrative overhead and accelerating turn times, so lenders can more efficiently process mortgage, home equity and refi loans and more profitably grow their business,” Wiant said.
He added that stakeholders will have permissions-based access to messaging throughout the order process, as well as status updates, payment processing, and automated alerts — allowing greater transparency and improved collaboration among stakeholders.
“Once complete, appraisal and valuation documents are automatically delivered straight to the eFolder, populating key data elements in the Encompass system, where lenders can review the reports,” he said.
ICE, which acquired Ellie Mae for $11 billion in 2020, has been a serious player in the mortgage tech space over the last five years — particularly with M&A.
The company acquired a majority equity position in MERSCORP Holdings, the owner of Mortgage Electronic Registration System in 2016, and purchased the remaining stake two years later. ICE also acquired Simplifile in 2019 for $335 million.
Jeff Sprecher, ICE founder, chairman and CEO, has targeted the delivery of a service that “fully digitizes the mortgage process,” he said in September. His firm said the “old-school, paper-laden process” takes two months or more to complete, costs $8,000 and features a cast of characters and a physical room — versus use of ICE’s platform, which costs $2,600 less, features an e-closing table, virtual assistance, and can be completed in just a couple weeks.