ICE Eyes Mortgage Technology as it Plans Majority Stake in MERS
- As part of the deal, ICE agreed to help modernize the MERS System.
Intercontinental Exchange Inc, operator of numerous global business lines, clearinghouses and exchanges, including ICE, today announced that ICE will acquire a majority equity stake in MERSCORP Holdings, Inc. (MERSCORP), according to an official corporate statement.
MERSCORP owns Mortgage Electronic Registrations Systems, Inc. (MERS) which operates a service called 'MERS System' that tracks changes in servicing rights and beneficial ownership interest in US-based mortgage loans.
The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone , fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
Development synergy
ICE and MERS have entered into a software development agreement to enhance the MERS system and make it a more modern national electronic registry for the US-based mortgage loans it tracks.
The deal is expected to help make the infrastructure - used by more than 5000 members - more robust, with potential benefits extended out to the underlying residential mortgage market in the U.S. and which could unlock efficiencies in related derivatives products in the future making them operate more fluidly.
This agreement brings the strengths of our organizations together to benefit the U.S. residential mortgage finance market.
To benefit US mortgage market
“This transaction underscores MERSCORP Holdings’ efforts to strengthen the value to its member institutions and continue to support MERS’ role as a national mortgage registry,” said Kurt Pfotenhauer, Chairman of MERSCORP Holdings, commenting in the joint corporate announcement.
Mr. Pfotenhauer added: “The investment of capital and resources from ICE will enhance the effectiveness and efficiency of MERS for our more than 5,000 member organizations.”
“This agreement brings the strengths of our organizations together to benefit the U.S. residential mortgage finance market,” said Jeffrey C. Sprecher, ICE Chairman and CEO, commenting in a statement.
“It also complements our data and technology expertise in diverse, regulated markets. We are pleased to bring our strong track record of innovation, governance and operational Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co to MERS, and look forward to contributing to the evolution of mortgage market infrastructure.”
The synergy brings a commitment from ICE - which operates market infrastructure across complex and regulated financial environments globally, together with the MERS System - which is a dynamic infrastructure and transaction management solution used by home buyers, regulators, and other stakeholders including in the financial services industry.
Financial terms of the deal - which is expected to close at the end of this month - were not disclosed but were noted as immaterial to ICE.
Intercontinental Exchange Inc, operator of numerous global business lines, clearinghouses and exchanges, including ICE, today announced that ICE will acquire a majority equity stake in MERSCORP Holdings, Inc. (MERSCORP), according to an official corporate statement.
MERSCORP owns Mortgage Electronic Registrations Systems, Inc. (MERS) which operates a service called 'MERS System' that tracks changes in servicing rights and beneficial ownership interest in US-based mortgage loans.
The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone , fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
Development synergy
ICE and MERS have entered into a software development agreement to enhance the MERS system and make it a more modern national electronic registry for the US-based mortgage loans it tracks.
The deal is expected to help make the infrastructure - used by more than 5000 members - more robust, with potential benefits extended out to the underlying residential mortgage market in the U.S. and which could unlock efficiencies in related derivatives products in the future making them operate more fluidly.
This agreement brings the strengths of our organizations together to benefit the U.S. residential mortgage finance market.
To benefit US mortgage market
“This transaction underscores MERSCORP Holdings’ efforts to strengthen the value to its member institutions and continue to support MERS’ role as a national mortgage registry,” said Kurt Pfotenhauer, Chairman of MERSCORP Holdings, commenting in the joint corporate announcement.
Mr. Pfotenhauer added: “The investment of capital and resources from ICE will enhance the effectiveness and efficiency of MERS for our more than 5,000 member organizations.”
“This agreement brings the strengths of our organizations together to benefit the U.S. residential mortgage finance market,” said Jeffrey C. Sprecher, ICE Chairman and CEO, commenting in a statement.
“It also complements our data and technology expertise in diverse, regulated markets. We are pleased to bring our strong track record of innovation, governance and operational Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co to MERS, and look forward to contributing to the evolution of mortgage market infrastructure.”
The synergy brings a commitment from ICE - which operates market infrastructure across complex and regulated financial environments globally, together with the MERS System - which is a dynamic infrastructure and transaction management solution used by home buyers, regulators, and other stakeholders including in the financial services industry.
Financial terms of the deal - which is expected to close at the end of this month - were not disclosed but were noted as immaterial to ICE.