ICE Reveals “Conversational” Update To MSP System
ICE rolled out a new interface for its mortgage loan servicing system with “conversational” capacities.
The MSP Digital Experience (MSP DX) streamlines workflows and increases efficiency for servicing pros by providing “a more intuitive, dynamic and conversational” way to interact with the system.
Users can ask the system for what they need using everyday language, saving time and energy otherwise spent sorting through pages of information.
“Mortgage escrow is inherently complex, and the technology lift to handle the many moving parts is significant,” said Tim Bowler, President of ICE Mortgage Technology. “But with the introduction of MSP DX we are helping servicers manage the escrow process more efficiently. This will enhance workflow management for servicers and improve the household experience.”
MSP DX premiered at ICE Experience 2024. The company says the industry responded positively to the changes.
ICE’s MSP system has seen an explosion of new business since the start of the year, signing on lenders like Lennar Mortgage, Capital Mortgage Services, and Fifth Third Bank.
Lennar said it chose the system for its focus on regulatory compliance and risk management.
“Automating traditionally cumbersome mortgage processes is critical to ICE’s mission of transforming the mortgage industry, and ultimately creating a better, more cohesive experience for homeowners,” Bowler previously noted.
ICE’s market share began gaining real steam after the company’s acquisition of mortgage software company Black Knight. The process took several years due to industry and regulatory concerns over anti-competitive potential in the Loan Origination Software space. Leaders at the Community Home Lenders of America cautioned that the deal could increase costs for smaller lenders.
The FTC ultimately challenged the move, but ICE agreed to sell Black Knight’s Empower and Optimal Blue businesses after the acquisition to move the process forward. The deal closed last year.
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