Intercontinental Exchange , Inc. (NYSE: ICE), a leading global provider of technology and data, today announced investments focused on growing its mortgage secondary market offerings and enhancing the Encompass digital lending platform’s native product and pricing engine. ICE has dedicated resources to driving a robust roadmap of features and improvements for ICE PPE (formerly EPPS) and secondary market innovation, informed by the regular, ongoing input of the elite group of lenders making up the ICE PPE Advisory Group.
Encompass users already have native access to thousands of loan products and a robust network of investors, wholesale lenders, and state and local housing authorities via ICE PPE. Taking product and pricing to the next level is key to ICE’s commitment to improve housing finance through digitization and provide the mortgage secondary market with the technology, systems, and insight needed to navigate and hedge against a turbulent interest rate environment.
“I talk with mortgage industry professionals every day, and one thing they’ve made crystal clear is a pressing, growing need for a stable, accurate, well-capitalized loan product and pricing engine,” said ICE president Ben Jackson. “With so much uncertainty in the market, lenders need to be able to rely on comprehensive and timely product pricing and eligibility. Margins have been compressed to historic lows, and we want to help our clients be in the best position to hold on to every possible basis point.
“To meet that need, ICE is investing significantly to dramatically enhance ICE PPE within our Encompass lending platform, and we are actively engaging with a select group of industry leaders as we chart the best course forward. Together with ICE’s expertise in building and operating digital, transaction-based networks, and our proven playbook of increasing efficiencies through digitization, it’s this collaborative approach that will trigger the next great stage of evolution for PPEs and secondary market hedging platforms.”
ICE PPE will provide enhanced automation and configuration capabilities with streamlined support for custom loan programs and overlays. As part of ICE’s overall mission to streamline and simplify housing finance, the company is committed to delivering a highly performant, intuitive solution that integrates seamlessly with Encompass and the wider ICE housing finance digital ecosystem. To support this product evolution, ICE is actively expanding the associated product development, solutions engineering and support resource teams with experienced industry professionals.
The ICE PPE Advisory Group is composed of leading mortgage lenders – including both users of Encompass’ product pricing capabilities as well as those who employ other available pricing engines. Beginning with a kickoff at the Mortgage Bankers Association’s Secondary Marketing conference in May, the advisory group will continue to meet regularly to identify common challenges and find solutions to pricing and other problems faced by lenders and those in the secondary and capital markets.
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