Intercontinental Exchange (ICE) has struck a $335 million deal to buy Simplifile, the operator of a network connecting the agents and jurisdictions that underpin residential mortgage records.
Founded in 2000, Simplifile is working to digitise the closing process of the real estate industry, serving as an electronic liaison between lenders, settlement agents, and county recording offices, streamlining the local recording of residential mortgage transactions.
The firm will compliment Mers, ICE's national e-database that tracks changes in the mortgage serving and beneficial ownership interests in residential mortgage loans on behalf of its members.
Chris McEntee, president, ICE Mortgage Services, says: "Originators, consumers, and investors can obtain significant benefits and savings as the real estate process shifts from paper-based to digital transactions. Simplifile understood this trend early, uniquely solving for the critical aspect of submitting required documents into the public record in a seamless, auditable and transparent method.
"By connecting lenders, settlement agents, and counties through a robust network, Simplifile will enhance ICE’s efforts to further streamline a legacy process ripe for innovation."