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RiskExec® Integrates with Encompass® by ICE Mortgage Technology

RiskExec, Inc., a prominent SaaS compliance reporting and analysis platform, has made significant strides in the mortgage technology sector with its latest announcement. The company proudly revealed its successful integration of the HMDA (Home Mortgage Disclosure Act) software module with the Encompass platform by ICE Mortgage Technology. This integration utilizes the advanced Encompass Partner Connect API framework from the Intercontinental Exchange (ICE), aimed at empowering loan originators and servicers with streamlined and compliant services.

This new framework modernizes the way industry players can engage with ICE solutions, allowing them to deliver essential services through a secure, API-enabled technological structure. By leveraging this integration, RiskExec has introduced features that greatly enhance the efficiency of loan closings. Key functionalities include geocoding, rate spread calculations, and edit checks, all embedded directly into Encompass’ cloud-based platform.

Dr. Anurag Agarwal, RiskExec's President and Founder, expressed excitement over this collaborative effort, emphasizing the company's commitment to improving efficiency in the mortgage sector. He stated, "We are excited to bring our enhanced capabilities supporting ICE's commitment to driving efficiency in the industry and making the path to homeownership as streamlined and accessible as possible." This partnership reflects RiskExec's dedication to providing innovative compliance solutions that facilitate high standards of accuracy and regulatory adherence in mortgage lending.

Enhanced Features of the Integration

RiskExec’s newly integrated solutions within Encompass offer vital functionalities:

1. Geocoding and Tract Data Integration

RiskExec’s system now geocodes the property addresses entered in Encompass while simultaneously writing the corresponding census tract data back to the loan file within the Encompass environment. This seamless integration plays a crucial role in ensuring accurate location data for compliance and reporting purposes throughout the loan process.

2. Rate Spread Calculation

With the integration, RiskExec can automatically calculate the rate spread for each loan using the data stored in Encompass. This function eliminates the need for manual calculations, significantly reducing errors and conserving valuable time for mortgage professionals engaged in the lending process.

3. HMDA Edit Checks

Users of RiskExec can run single-record edit checks on HMDA data directly within the Encompass system. This feature allows users to view a list of necessary edits categorized into three distinct areas: regulatory edit checks, enhanced quality checks based on RiskExec's expertise, and user-defined custom edit checks. This capability empowers users to swiftly identify and correct any data discrepancies prior to submission, ensuring adherence to HMDA requirements.

A Commitment to Compliance and Efficiency

According to the information provided, RiskExec’s automation solution is designed to facilitate cost-effective management of the regulatory requirements for various lenders, including banks, credit unions, and mortgage companies. The features provided by this integration not only simplify the compliance process but also assist firms in maintaining compliance with demanding regulatory requirements such as HMDA, CRA, and SBL/1071.

This integration with Encompass marks a pivotal step in RiskExec’s ongoing efforts to enhance the compliance landscape for mortgage lenders. By offering such robust capabilities, the company continues to solidify its position as a leader in compliance solutions within the financial services industry.

For further information on RiskExec and its innovative integration with Encompass, industry professionals are encouraged to visit RiskExec in the ICE Marketplace or reach out directly via their official contact methods.

To conclude, as the mortgage industry increasingly recognizes the importance of compliance and data accuracy, RiskExec’s advancements through this integration highlight their commitment to equip lenders with the tools necessary to navigate the complexities of regulatory standards effectively.