US exchanges operator Intercontinental Exchange (ICE) struck a deal to acquire mortgage tech firm Simplifile for $335 million:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.US exchanges operator Intercontinental Exchange struck a deal to acquire mortgage tech firm Simplifile for $335 million,Simplifile digitizes the real estate closing process and operates one of the US' largest platforms connecting mortgage lenders, settlement agents, and county governments.
ICE has been steadily building up its interest in the US mortgage market. In October last year, ICE tookof the parent company of Mortgage Electronic Registrations Systems , a US-wide electronic registry that tracks servicing rights and ownership interest for mortgage loans in the US. ICE previously bought a controlling stake in the company, which tracks 30 million home loans, in 2016.
The mortgage industry is ripe for innovation as parts remain hamstrung by legacy processes.Both Simplifile's and MERS' value proposition is focused on digitizing parts of the mortgage industry, typically paper-heavy processes riddled with inefficiencies.
Fintechs have already unseated incumbents as the biggest mortgage originators in the US. A decade ago, industry stalwarts like Wells Fargo and Chase were the biggest players in the mortgage industry; however, that no longer rings true. At the end of 2017 and the start of 2018, Quicken Loans, an online-only mortgage lender,incumbents to become the No. 1 residential mortgage originator by volume.
And ICE's rich track record of successfully digitizing financial services segments points to a favorable future.The firm, founded in 2000, is currently the second-most valuable exchange group in the world, per the FT. Part of this growth has been underpinned by a strategic ability to capitalize on digital transformation in financial markets.
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