Deciding factor was ICE’s focused origination technology investments
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, announced that Carrington Mortgage Services, LLC, one of the nation’s largest privately held non-bank lenders, is returning to ICE’s Encompass® mortgage lending platform. Carrington will use Encompass across its retail, wholesale and correspondent lending channels to electronically capture, process, underwrite and close mortgage loans and equity products through a single technology solution.
Carrington made the decision to return in large part due to ICE’s continued, focused investments in Encompass as part of the company’s vision for an interconnected, end-to-end digital real estate and housing finance ecosystem. Carrington Mortgage Services will also continue to leverage the multiple ICE origination, invoicing and data and analytics offerings it currently uses in support of its mortgage operations today.
“We’ve watched as ICE has made significant investments in Encompass over the years,” said Bruce Rose, CEO & Founder, The Carrington Companies. “As we saw the end-to-end solution they were building take shape, it became clear to us that our mortgage operations would be well-served by ICE’s new, more expansive and integrated lending platform.”
Encompass is the housing finance industry’s leading end-to-end digital mortgage solution, delivering efficiencies and introducing transparency to the residential lending ecosystem. Encompass helps lenders acquire more customers and originate, sell and purchase loans faster and more cost effectively, all from a single system of record.
“We’re happy to have Carrington Mortgage Services move their mortgage lending channels back onto Encompass,” said Ben Jackson, President of ICE. "Their return speaks to the value of ICE’s investments – not only in Encompass as a mortgage lending platform, but our larger, wider investment in the digitization of housing finance.”
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.
Source: Intercontinental Exchange
Category: Mortgage Technology
ICE-CORP
View source version on businesswire.com: https://www.businesswire.com/news/home/20240111450366/en/
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