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Vaultedge Newsletter - Vaultedge announces integration with Encompass®

Vaultedge Newsletter - Vaultedge announces integration with Encompass®
By Sanat from Vaultedge • Issue #49 • View online
It’s official! We have partnered up with one of the leading loan origination software in the nation, Encompass which is available through ICE Mortgage Technology.
Vaultedge integrates seamlessly with Encompass to simplify document processing through its AI-powered document recognition and data extraction software. Using Vaultedge, Encompass users can now automatically index loan documents, extract data, and cross-validate data across documents in minutes - making loan processing less cumbersome. The processing teams can get underwrite-ready loan files within Encompass without manually sifting through innumerable documents. Vaultedge Encompass integration reduces the loan processing time by 80% improving an underwriter’s productivity.
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In other industry news, amidst the record inflation and higher interest rates, Fannie Mae Economic and Strategic Research Group’s 2023 Economic and Housing Outlook predicts the onset of the recession in the 1Q of 2023. The trade association expects inflation, which is currently at a record high of 9.1%, to end 2022 at around 6% before falling to a 2%-2.5% range in 2023 and 2024. The Federal Reserve will also likely continue tightening its fund rate at a range of 3.25% to 3.5% at the end of the year and a range of 3.75% to 4% in 2023. According to Dough Duncan, Chief Economist at Fannie Ma, the recession could induce a sharp depreciation in home prices but not an outright decline.
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Is it the calm before the storm? We can only anticipate. However this week the housing market was a little lull. The mortgage rates inch up for a second consecutive week. Meanwhile, the average five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) edged down four basis points to 4.31%. As rising rates and affordability issues continue to take their toll, many lenders use ARMs as a tool to address these challenges and originate more loans.
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Rohit Chopra, Dir. CFPB said that a nonbank registration system needs so spots potential scammers and law violators need to be introduced This idea of such a system has been on the CFPB’s radar for quite some time and there was a request for information in 2016 to build such a tool in place. When asked about the prospect of a nonbank registration system, the CFPB pointed to a section of the Dodd-Frank Act that said “authorizes the bureau to impose registration requirements on any non-depository covered person, regardless of whether the covered person is subject to supervision.”
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We also released a brief event summary report on the 3rd Annual Non-QM Forum held last month in California. The report covers a few panel discussions that talk about the future of Non-QMs, technology and its adaptability in the sector, the aftermath of the pandemic and so, on. Do take a look.
Well, my week was fantastic with our announced official partnership with Encompass. A few pats on the back from our esteemed clients for doing a great job with addressing their loan automation challenges and reducing the underwriter’s production time by 80%
Happy reading!

Odds of recession near 50% - what does it mean for the housing market?
Mortgage rates stabilize ahead of next Fed meeting | Mortgage Professional
Planet Financial Group defies market conditions, captures market share in Q2 - NEXT Mortgage News
MSR market picks up in Q3 where Q2 left off: Hot - HousingWire
Non-QM lenders are racing to stay ahead of rates - HousingWire
Wells Fargo: Our mortgage business will "naturally" decline - HousingWire
Vaultedge announces integration with Encompass® by ICE Mortgage Technology™ to offer OCR Capabilities to its users
Vaultedge announces integration with Encompass® by ICE Mortgage Technology™ to offer OCR Capabilities to its users
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Sanat from Vaultedge

We write about the future of mortgages, real estate and automation.

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