Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced that Wells Fargo (NYSE: WFC) has renewed its agreement to use MSP®, ICE’s mortgage loan servicing system.
As part of the expanded agreement, Wells Fargo will bring its full home loan servicing portfolio onto MSP, building on a relationship that spans more than 35 years. Wells Fargo also leverages ICE Business Intelligence to help automate and streamline default servicing workflows and has begun electronically registering its mortgage loans on the MERS® eRegistry, enabling more streamlined loan tracking and transfer processes through the industry's standard registry for mortgage loan identification.
"Wells Fargo’s long-standing use of MSP is a testament to the value of a servicing platform that has been proven at scale and demonstrates what becomes possible when servicing is built around intelligent workflow automation," said Bob Hart, President of Mortgage Technology at ICE. "The ability to automate complex workflows, reduce manual intervention and adapt quickly to regulatory change is what separates servicers who are managing their portfolios from those who are truly in control of them. MSP and the broader suite of ICE tools give servicers that edge — with the security infrastructure and operational depth that the industry's most demanding institutions require."
MSP is a comprehensive loan servicing system that helps servicers manage the full servicing lifecycle, from loan boarding to payoff or default resolution. Designed to improve productivity and borrower outcomes, MSP uses configurable, exception-based workflows to automate routine servicing activities and intelligently surface exceptions that require human intervention. The platform provides servicers the operational visibility and control needed to meet regulatory requirements and deliver a consistent borrower experience at scale.
