Lennar Mortgage Moves Servicing Operations to ICE Mortgage Technology for Seamless Systems Integration

By: Intercontinental Exchange via Business Wire

March 18, 2024 at 16:00 PM EDT

The MSP^® loan servicing system will help Lennar enhance customer service, support regulatory compliance and mitigate risk, while introducing efficiencies and streamlining servicing transfers

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that Lennar Mortgage will move its servicing operations onto the industry-leading ICE MSP^® loan servicing system. Already a longtime user of ICE’s Encompass^® digital lending platform, Lennar will see greater efficiencies and compliance support from the seamless integration of the systems via the ICE end-to-end technology ecosystem.

“Lennar values the relationship we’ve developed and strengthened with ICE over the years,” said Laura Escobar, President of Lennar Mortgage. “We also see the clear benefit in leveraging the deep integrations between Encompass and MSP. Our loans are serviced in-house for a brief time, which means risk management, regulatory compliance, and customer-facing capabilities need to perform from minute one. It also means we need to be able to move loans quickly and seamlessly from origination into servicing, and then on to their final destination just as easily. ICE’s mission to digitize and streamline all aspects of the housing finance lifecycle aligns perfectly with our goal to create the world’s simplest path to homeownership.”

An interim servicer, Lennar selected MSP for its strong focus on regulatory compliance and risk management, and for MSP’s ease and digitization of servicing transfers. By using MSP in conjunction with Encompass, Lennar will reap the benefits of a seamless, digital mortgage ecosystem; helping to lower costs, save time and engage customers across its lending and servicing channels. Lennar will also use multiple data and analytics solutions powered by ICE’s rich mortgage dataset to further help mitigate risk and gain critical insights to support data-driven decision making.

In addition to Encompass and MSP, Lennar will incorporate ICE’s consumer-facing Servicing Digital^℠, which provides borrowers with self-service capabilities and information about their loan, property and neighborhood. It also serves as a channel for mortgage holders to seek assistance in times of distress.

With Lien Alert^℠, an efficient, cost-effective portfolio monitoring solution, Lennar will receive early notifications of critical property-related events, helping the company respond quickly to competitive pressures and proactively manage risk. McDash^®, ICE’s loan-level dataset – the deepest and broadest such repository in the industry – will give Lennar an unparalleled view of mortgage performance across the U.S. for benchmarking and strategic planning. Plus, with the Actionable Intelligence Platform^℠ (AIP^℠), Lennar will be able to proactively monitor and manage their operations, using data to support organizational-level decision making.

“ICE is digitizing and improving every aspect of housing finance for our clients, including both long-term servicers and interim servicers like Lennar,” said Tim Bowler, President of ICE Mortgage Technology. “By choosing MSP to work in concert with Encompass, Lennar is unifying the typically disparate halves of the mortgage equation, and will be well positioned to originate new loans, service them, and transfer them efficiently, while supporting changing regulations and safeguarding their customers’ personal data.”

About Lennar Mortgage

Lennar Mortgage is a proud member of the Lennar family of companies. Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 8, 2024.

Source: Intercontinental Exchange

Category: Mortgage Technology

ICE-CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20240318421184/en/

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Lennar Mortgage Moves Servicing Operations to ICE Mortgage Technology for Seamless Systems Integration

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