ICE Launches Transaction-Based Indices for Residential Mortgage Interest Rates
18 October 2021 - 11:33PM
Business Wire
Calculated using anonymized rates data from
ICE’s leading loan origination platform
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global
provider of data, technology and market infrastructure, today
announced the launch of a suite of U.S. residential mortgage locked
rate indices. The new indices will be calculated daily and will
track the average interest rate of new residential home loan
applications processed by ICE Mortgage Technology.
Existing mortgage rate indices are often survey-based and can
quickly become outdated. By using anonymized and aggregated data
from ICE Mortgage Technology, which processes nearly half of all
residential mortgages in the U.S., the ICE locked rate indices are
calculated from actual loan applications. This provides a more
comprehensive, accurate and timely reflection of current
residential mortgage interest rates.
“Observable loan applications provide a wealth of information
and can be important benchmarks for loan originators, banks and
participants in the mortgage-backed security market,” said Lynn
Martin, President of Fixed Income and Data Services at ICE. “By
using a data-driven approach and leveraging the unique strengths of
ICE’s mortgage technology and data services teams, we’re bringing a
tremendous amount of new data to the market that can offer
customers both strategic intelligence and help them manage
risk.”
The ICE U.S. Residential Mortgage Rate Lock Index Series tracks
10, 15, 20 and 30 year first-lien and subordinated mortgage
applications on both single-family and multi-family properties. The
indices include new purchase, construction and refinance
applications for conventional mortgage loans, jumbo loans and those
submitted under U.S. government programs, including the Federal
Housing Administration, U.S. Department of Veterans Affairs and the
Rural Housing Service of the U.S. Department of Agriculture. The
indices are calculated each business day and published the
following morning.
“This index series leverages the unique transactional data that
we receive from having the largest electronic network of mortgage
stakeholders in the industry,” said Joe Tyrrell, President of ICE
Mortgage Technology. “By anonymizing this data and working with the
ICE Index team, we’re able to provide much more transparency and
timeliness, as well as an established delivery system, to quickly
bring this data to market and help meet the needs of our customers
in both the mortgage lending and mortgage-backed security
market.”
In addition to the broad ICE U.S. Residential Mortgage Rate Lock
Composite Index, ICE has launched sub-indices focused on attributes
including product type (Conforming or Jumbo 30-year fixed rate),
loan purpose (purchase, construction or refinance), and borrower
attributes (FICO score, LTV, among others).
The ICE U.S. Residential Mortgage Locked Rate Indices are
available over the ICE Index Platform. For more information, please
visit
https://www.theice.com/market-data/indices/mortgage-rate-lock-indices.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500
company that designs, builds and operates digital networks to
connect people to opportunity. We provide financial technology and
data services across major asset classes that offer our customers
access to mission-critical workflow tools that increase
transparency and operational efficiencies. We operate exchanges,
including the New York Stock Exchange, and clearing houses that
help people invest, raise capital and manage risk across multiple
asset classes. Our comprehensive fixed income data services and
execution capabilities provide information, analytics and platforms
that help our customers capitalize on opportunities and operate
more efficiently. At ICE Mortgage Technology, we are transforming
and digitizing the U.S. residential mortgage process, from consumer
engagement through loan registration. Together, we transform,
streamline and automate 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, 2020, as
filed with the SEC on February 4, 2021.
SOURCE: Intercontinental Exchange
ICE-CORP
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version on businesswire.com: https://www.businesswire.com/news/home/20211018005569/en/
ICE Media Contact: Damon Leavell damon.leavell@ice.com
(212) 323-8587
media@ice.com
ICE Investor Contact: Mary Caroline O’Neal
marycaroline.oneal@ice.com (770) 738-2151
investors@ice.com
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