Lennar Mortgage will move its
servicing operations onto the ICE Mortgage Technology Mortgage Servicing Platform
(MSP) to streamline its processes. Lennar expects to see increased efficiencies
and compliance support from the integration of the systems via the ICE
end-to-end technology ecosystem, according to a press released by the Intercontinental
Exchange, Inc.
“Lennar values the relationship
we’ve developed and strengthened with ICE over the years,” Lennar Mortgage
President Laura Escobar said in the release. “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.”
Lennar said it selected MSP for
its strong focus on regulatory compliance and risk management, and for MSP’s
ease and digitization of servicing transfers, the release states. By using MSP
in conjunction with Encompass, Lennar hopes to reap the benefits of a seamless,
digital mortgage ecosystem, which will lower costs, save time and engage
customers across its lending and servicing channels. Lennar also plans to 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. This will
provide 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, according to the
release. ICE’s loan-level dataset, McDash, which the release touts as 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. Combined with the Actionable Intelligence Platform (AIP), Lennar has
said it 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,” ICE Mortgage Technology
President Tim Bowler said in the release. “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.”