Intercontinental Exchange (ICE) has completed its $335 million acquisition of Simplifile, an e-recording network for mortgage lenders.
Simplifile serves as an electronic liaison between lenders, settlement agents and county recording offices – streamlining the public recording of residential mortgage transactions. ICE Mortgage Services President Eric McEntee said the acquisition aims to automate a “very analog system” to bring more transparency and efficiency to borrowers, originators, investors, and servicers.
“The U.S. residential mortgage market is evolving from paper-based transactions to digital solutions,” said McEntee. “Simplifile’s connectivity to nearly 2,000 public recording entities, representing over 80% of the U.S. population, is a key part of the infrastructure needed to further drive digital transformation in the mortgage market.”
“ICE’s track record of bringing innovation and efficiency to markets will be a valuable asset as we continue to work with recorders, title and settlement agents, and lenders to build a slate of products that make it simpler to record mortgage documents,” said Simplifile Founder and President Paul Clifford.