Miami-based fintech provider LoanPASS has integrated with ICE Mortgage Technology, a division of global data, technology, and market infrastructure provider Intercontinental Exchange, Inc. (ICE).
The goal of the integration is to allow mutual clients to access LoanPASS’ products and pricing engine (PPE) via ICE Mortgage Technology’s end-to-end digital lending platform Encompass, according to a statement from the company.
“We are thrilled to join the ICE Mortgage Technology network as a new integration partner, serving as a much-needed low-cost decisioning option for lenders to decision any type of loan product,” LoanPASS’ Chief Revenue Officer Bill Mitchell said in a statement.
LoanPASS, the company’s flagship product, automates product and pricing decisioning for all loan products. Per the release, the cloud-based SaaS solution’s APIs allow seamless integrations with CRM, point of sale (POSs), and loan origination system (LOS) providers.
The LoanPASS rules engine serves independent mortgage bankers, credit unions, banks, private and commercial lenders and other financial institutions to provide them with control over loan products and pricing, stipulations, and underwriting decision output, according to the press release. The engine also returns results on loan product types.
“…LoanPASS effectively addresses economies of scale, channels of distribution, and speed to market with niche offerings, supporting lenders’ business-critical relationships,” Mitchell said.
The company, founded in 2019, provides multiple PPEs consolidated into a single engine. Its partners include Mortgage Bankers Association, LendingPad, LendingWise and Mortgage Action Alliance, among others.
Earlier this month, the company announced that Timothy Bowler, president of Intercontinental Exchange, Inc. Benchmark Administration (IBA), will step in as president of ICE Mortgage Technology starting March 1. The company reported an operating income of $57 million in 2022, down from $397 million in 2021.