Cost processing expertise developed by REPAY is now obtainable to mortgage servicers by ICE Mortgage Expertise’s Servicing Digital answer, a buyer engagement and retention device.
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Thousands and thousands of house owners might quickly have the choice of utilizing a debit card to make their month-to-month mortgage funds immediately with the combination of fee processing expertise developed by REPAY into ICE Mortgage Expertise’s Servicing Digital answer.
Mortgage mortgage servicers sometimes received’t settle for bank card funds as a result of they don’t just like the charges. However paying your mortgage with a debit card gives a number of the benefits of a bank card — like pace, safety and comfort, Atlanta-based REPAY claims.
“Debit card acceptance capabilities expand payment options for borrowers, allowing them to make payments during month-end and grace periods, which enhances their overall ability to manage finances efficiently,” REPAY mentioned in saying the deal Thursday. “This feature also improves the resolution of collection accounts by increasing the ability to promptly address them, and it reduces the need for slower and often costlier methods like wires or overnight payments.”
Paying your mortgage with a debit card is extra handy for debtors than a standard paper examine or wire switch fee, REPAY says, and pulling funds from the borrower’s account immediately means they’re much less prone to get hit with late charges whereas additionally getting real-time fee affirmation. Lenders can faucet saved fee information for future transactions whereas making certain compliance with the Cost Card Business Knowledge Safety Normal (PCI DSS).
REPAY processed about $25.7 billion in debit card funds final yr by 262 integrations with varied software program suppliers, the corporate mentioned in its most up-to-date annual report to buyers.
The combination cope with ICE Mortgage Expertise will assist REPAY broaden the attain of its fee processing options past core verticals together with private and automotive loans, receivables administration and business-to-business funds. REPAY accelerated its entry into the mortgage and healthcare funds verticals in 2020 with the acquisition of CDT Applied sciences, which did enterprise as Ventanex.
Based in 2006 by present executives John Morris and Shaler Alias, REPAY went public in a 2019 merger with a particular function acquisition firm (SPAC). Repay Holdings Company trades on the Nasdaq Capital Marketplace for early-stage corporations which have comparatively low market capitalizations below the ticker RPAY.
ICE Mortgage Expertise says its MSP mortgage servicing system was utilized by 92 mortgage and residential fairness servicing shoppers to deal with greater than 50 million loans final yr. MSP integrates with Servicing Digital, a consumer-facing cellular app and responsive net answer that mortgage servicers can model as their very own.
Servicing Digital not solely permits debtors to see their mortgage standing and make funds however serves as a “customer engagement and retention tool” by offering details about the borrower’s house fairness and neighborhood property values and serving to mortgage servicers market a brand new mortgage to shoppers who’re able to refinance or purchase their subsequent house.
Servicing software program ICE Mortgage Expertise’s largest enterprise
Supply: Intercontinental Alternate Inc. quarterly earnings report.
ICE’s acquisition of Black Knight within the third quarter of 2023 made it a significant participant in mortgage servicing expertise — a brand new line of enterprise that’s now the largest income for the corporate’s ICE Mortgage Expertise section. At $214 million in Q1 2024, mortgage servicing software program generated 43 p.c of ICE Mortgage Techology’s income for the quarter.
After surging above $1 billion in 2021 throughout the refinancing increase, income generated by mortgage origination expertise declined as rising rates of interest curbed borrowing exercise. ICE Mortgage Expertise noticed income generated by originations expertise fall by 22 p.c in 2022, to $798 million, and by one other 13 p.c final yr, to $694 million.
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