Lennar Mortgage signs on with ICE’s loan servicing system

The lender was already a client of ICE and its Encompass loan origination system

Lennar Mortgage, a financial services subsidiary of Lennar Corp., will move its servicing operations to the industry-leading MSP loan servicing system from ICE Mortgage Technology, ICE announced on Monday. 

With Lennar already leveraging ICE’s loan origination system, Encompass, the company will benefit from a seamless, digital mortgage ecosystem, the news release stated. In addition to Encompass and MSP, Lennar will also incorporate ICE’s consumer-facing Servicing Digital. The platform provides borrowers with self-service capabilities and information about their loan, property and neighborhood. It can also be used as a channel for mortgage holders to seek assistance in times of distress.

“Lennar values the relationship we’ve developed and strengthened with ICE over the years,” Laura Escobar, president of Lennar Mortgage, said in a statement. “We also see the clear benefit in leveraging the deep integrations between Encompass and MSP. Our loans are serviced in-house for a brief time, which means risk management, regulatory compliance, and customer-facing capabilities need to perform from minute one.”

“It also means we need to be able to move loans quickly and seamlessly from origination into servicing, and then on to their final destination just as easily. ICE’s mission to digitize and streamline all aspects of the housing finance lifecycle aligns perfectly with our goal to create the world’s simplest path to homeownership.”

Lennar selected MSP for its strong focus on regulatory compliance and risk management, the release stated. Lennar will also use multiple other data and analytics solutions powered by ICE’s mortgage dataset to further mitigate risk and support data-driven decision-making.

Lennar will be able to leverage tools such as Lien Alert or McDash, among others. With Lien Alert, Lennar will receive early notifications of critical property-related events, helping the company react quickly and proactively manage risk. Meanwhile, McDash will provide Lennar with an unparalleled view of mortgage performance across the U.S. for benchmarking and strategic planning. 

“ICE is digitizing and improving every aspect of housing finance for our clients, including both long-term servicers and interim servicers like Lennar,” Tim Bowler, president of ICE Mortgage Technology, said in a statement. “By choosing MSP to work in concert with Encompass, Lennar is unifying the typically disparate halves of the mortgage equation, and will be well positioned to originate new loans, service them, and transfer them efficiently, while supporting changing regulations and safeguarding their customers’ personal data.”

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