More than 40% of annual U.S. mortgage originations are processed using Ellie Mae software. That gives Ellie Mae insight into trends such as borrowers’ credit profiles and changing underwriting standards.
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ICE buys Ellie Mae for $11 billion allowing ICE to expand its own mortgage-servicing business.
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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.
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