Integrated data, comprehensive technology, and
consumer-facing digital tools streamline, accelerate housing
finance cycle and improve long-term customer relationship
Intercontinental Exchange, Inc. (NYSE: ICE), a
leading global provider of technology and data, today announced
that Fifth Third Bank will move its origination and
servicing operations to the end-to-end mortgage technology
ecosystem from ICE.
Using the Encompass® and MSP® loan origination and
servicing platforms gives the bank a seamlessly integrated system
to handle both first lien and home equity products across all
lending and servicing channels, from customer engagement and loan
production through the long-term servicing of the mortgage. Fifth
Third will also incorporate multiple ICE data and analytics
solutions to help mitigate risk, identify opportunities, and gain
crucial insights to support data-driven decision making.
Jay Plum, executive vice president and head of Mortgage for
Fifth Third has played a leadership role in the bank’s digital
mortgage initiative. According to Plum, taking a truly end-to-end
approach to the home finance lifecycle with integrated technologies
and data solutions far exceeds the benefits of leveraging
individual technological solutions.
“At Fifth Third, we’re working to digitize the overall
homebuying experience, giving our customers control, choice and
transparency along the journey,” said Plum. “ICE’s approach to
modernizing housing finance with integrated technology and seamless
data sharing aligned perfectly with what we’re seeking to
accomplish for our customers. We share a vision for a smooth,
simple, and accessible experience, from the start of a customer’s
mortgage journey all the way through their long-term servicing
experience.”
The bank will benefit from the speed and accuracy afforded by
the ICE Data & Document Automation solution, ensuring clean
data transfers. In addition to the Encompass and MSP core systems,
Fifth Third will also be using ICE’s consumer-facing Servicing
Digital solution, which provides borrowers with self-serve
capabilities and information about their loan, property and
neighborhood. It also serves as a channel for lender-servicers to
communicate opportunities for equity loans or refinancing, and for
mortgage holders to seek assistance in times of distress.
Fifth Third will also deploy multiple ICE data and analytics
solutions, with ICE’s Rapid Analytics Platform (RAP) serving as the
access point to ICE’s robust mortgage and property data, valuation
and indexing solutions, and behavioral models. RAP is a
comprehensive analytics workspace with a marketplace of connections
to ICE’s many real estate, housing finance and other data sets.
With RAP, data scientists and other users have the ability to
upload and join proprietary data sources for analysis.
“Fifth Third is well known for its commitment to providing a
premier digital mortgage experience,” said Tim Bowler, president of
ICE Mortgage Technology. “That is a common goal we share. Fifth
Third’s use of Encompass and MSP to originate and service both
first lien and home equity lending products, together with the data
and analytics solutions ICE provides to enhance the customer
experience, will help the bank to further its own digital
initiative.”
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on
history. Since 1858, we’ve been helping individuals, families,
businesses and communities grow through smart financial services
that improve lives. Our list of firsts is extensive, and it’s one
that continues to expand as we explore the intersection of
tech-driven innovation, dedicated people and focused community
impact. Fifth Third is one of the few U.S.-based banks to have been
named among Ethisphere’s World’s Most Ethical Companies® for
several years. With a commitment to taking care of our customers,
employees, communities and shareholders, our goal is not only to be
the nation’s highest performing regional bank, but to be the bank
people most value and trust.
Fifth Third Bank, National Association, is a federally chartered
institution. Fifth Third Bancorp is the indirect parent company of
Fifth Third Bank, and its common stock is traded on the NASDAQ®
Global Select Market under the symbol "FITB." Investor information
and press releases can be viewed at www.53.com.
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, 2023, as
filed with the SEC on February 8, 2024.
Source: Intercontinental Exchange
Category: Mortgage Technology
ICE-CORP
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version on businesswire.com: https://www.businesswire.com/news/home/20240319148697/en/
ICE Media Contact Mitch Cohen mitch.cohen@bkfs.com +1
704-890-8158 ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com +1 (678) 981-3882
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