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- First joint product from newly expanded mortgage technology business
- Leverages capabilities across the ICE mortgage ecosystem
- ICE has identified many valuable enhancements to the housing finance processes
Intercontinental Exchange (NYSE: ICE) a leading global provider of data, technology, and market infrastructure, announced that its MSP® loan servicing system now features the ability for the automated release of the lien once a mortgage has been paid off. The new Automated Lien ReleaseSM (ALR) capability integrated with MSP combines document creation and automated workflows into one solution and routes lien release packages for eSigning and eRecording, adhering to local regulations for the more than 2,500 U.S. counties where eRecording is available. The launch of the MSP ALR capability marks the first time ICE has harnessed the full capabilities of its expanded mortgage technology business to quickly build and implement solutions that address market needs.
“In the few short months since completing the Black Knight acquisition, we’ve identified many such seemingly simple, but incredibly valuable, ways to enhance the mortgage lending process,” said Tim Bowler, President of ICE Mortgage Technology. “Automated Lien Release is a great example of the capabilities that can be quickly brought to market to help usher U.S. housing finance forward. As always, the ultimate beneficiary of everything ICE does is the American homebuyer.”
Releasing a lien on a property has historically been a laborious process prone to human error, during which servicers coordinate with title companies, vendors, notaries and others to release and record a fully paid lien. With ALR, once payoff funds are received and applied, application programming interface (API) integrations trigger the creation of the lien release package and processing workflow in ICE Mortgage Technology’s closing solutions, which were enhanced by the 2019 acquisition of Simplifile.
Because the MSP ALR capability can reduce mistakes and delays associated with manual processing, recording can take place in days instead of weeks. Even in counties where eRecording is not available, ALR streamlines the process and prints the release package for the servicer to wet sign.
Automated Lien Release is already available to users on the MERS® System and has been helping members electronically sign and notarize documents independent of their servicing system. ALR’s new direct integration within MSP grants that same ability to servicers for their whole portfolios.
“The smooth and timely release of liens is fundamental to keeping American housing finance moving,” said Bowler. “This holds true for home sales, refinances, equity lending and more. Digitizing and automating lien releases is just one step in ICE’s mission to unify the disparate elements of housing finance and create a better experience for the American homeowner.”
