Fifth Third Bank signs on with ICE’s mortgage technology ecosystem

The bank will use the Encompass, MSP and Servicing Digital tools

Fifth Third Bank, an Ohio-based regional bank, moved its origination and servicing operations to Intercontinental Exchange (ICE) Mortgage Technology’s end-to-end mortgage technology ecosystem, the companies announced on Tuesday.

The bank will rely on ICE’s loan origination and servicing platforms, Encompass and MSP, to handle both its first-lien and home equity products. Fifth Third will also incorporate ICE’s consumer-facing Servicing Digital, which provides borrowers with self-service capabilities and information about their loan, property and neighborhood. It can be used as a channel for mortgage holders to seek assistance in times of distress, or as a platform for lenders to advertise opportunities for equity-based loans or refinancing

“At Fifth Third, we’re working to digitize the overall homebuying experience, giving our customers control, choice and transparency along the journey,” Jay Plum, executive vice president and head of mortgage at Fifth Third, said in a statement. 

“ICE’s approach to modernizing housing finance with integrated technology and seamless data sharing aligned perfectly with what we’re seeking to accomplish for our customers. We share a vision for a smooth, simple, and accessible experience, from the start of a customer’s mortgage journey all the way through their long-term servicing experience.”

Additionally, Fifth Third Bank will also tap into several ICE data and analytics solutions, such as its Rapid Analytics Platform (RAP), to help mitigate risk and inform data-driven decisions.

“Fifth Third is well known for its commitment to providing a premier digital mortgage experience,” Tim Bowler, president of ICE Mortgage Technology, said in a statement. “That is a common goal we share. 

“Fifth Third’s use of Encompass and MSP to originate and service both first lien and home equity lending products, together with the data and analytics solutions ICE provides to enhance the customer experience, will help the bank to further its own digital initiative.”

On Monday, Lennar Mortgage also announced that it is moving its servicing operations to ICE Mortgage Technology’s MSP system.

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