Ellie Mae will allow ICE to expand its own mortgage-servicing business. In 2017, Sprecher said the mortgage market needed a complete overhaul to shift from a paper-based transaction system to an electronic method. “It’s so obvious to us that the market is going to become more electronified,” Sprecher said at the time. In 2016, ICE gained a majority stake in Mortgage Electronic Registration Systems Inc., or MERS, which documents the ownership and resale of about half of U.S. home loans.

https://www.bloomberg.com/news/articles/2020-08-06/nyse-owner-to-buy-mortgage-platform-ellie-mae-for-cash-stock?cmpid=BBD080720_OUS&utm_term=200807&sref=EcccZSTc