The bigger picture: Parts of the US mortgage industry have already been digitally transformed - and ICE's track record suggests it will be successful in moving the needle further. ICE's bet on both Simplifile and MERS appears to be well thought out, with both players focusing on a segment that would benefit from a digital overhaul. These inefficiencies were brought to the fore in the aftermath of the financial crisis, when antiquated systems for recording mortgage data led to complicated legal battles over foreclosures after many documents proving title ownership to homes had been lost or mishandled, per The WSJ.
SIMPLEFILE FULL
ICE has been steadily building up its interest in the US mortgage market. In October last year, ICE took full control of the parent company of Mortgage Electronic Registrations Systems (MERS), a US-wide electronic registry that tracks servicing rights and ownership interest for mortgage loans in the US.
Here's what it means: ICE is doubling down on its bet of a significant digital transformation across the US mortgage industry - a wager that appears to be right on the money. ICE expects the deal to close in Q3, pending regulatory approval, per The Wall Street Journal. Simplifile digitizes the real estate closing process and operates one of the US' largest platforms connecting mortgage lenders, settlement agents, and county governments.
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