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Mortgage tech provider Intercontinental Exchange Inc. continues to capitalize on last year’s $11.8 billion acquisition of Black Knight by signing new clients at a furious pace in pursuit of a bigger slice of what the company estimates is a $14 billion-a-year market.
Several deals announced this week illustrate how executives at Intercontinental Exchange (ICE) envision synergies from the Black Knight deal attracting more lenders to what the company can now tout as an “end-to-end mortgage technology ecosystem.”
To satisfy antitrust regulators, ICE agreed to sell Black Knight’s Empower loan origination system (LOS) and Optimal Blue marketplace platform to subsidiaries of Canadian-based software giant Constellation Software.
But ICE could afford to part with those assets since it already had competing offerings, including its popular Encompass LOS and Encompass Product and Pricing Service. One of the main attractions of the Black Knight deal was that it gave the company new capabilities to provide technology to mortgage servicers who collect payments from borrowers.
Now that it’s a provider of technology that helps lenders manage every step of the process — from taking applications, underwriting and closing loans to collecting payments from borrowers and selling loans on the secondary market — ICE can claim to touch 85 percent of all U.S. mortgages in some way.
With the Black Knight acquisition, ICE can not only offer an end-to-end technology platform to new customers but also cross-sell additional services to existing customers for whom it handles only some aspects of the mortgage…