Owner of NYSE, MERS to acquire property database firm

The deal paves the way for further digitization of mortgage ecosystem

National /
May.May 11, 2019 01:00 PM

(Credit: iStock)

Intercontinental Exchange (ICE), the company which owns the New York Stock Exchange, has a commanding role in stock markets worldwide. But now the Atlanta-based firm appears to be angling for a similar position in U.S. mortgage markets.

ICE announced on May 1 that it would pay $335 million to acquire Simplifile, the nation’s largest e-recording network and provider of property record databases for county recorder offices. On the heels of ICE’s full acquisition of mortgage database MERS last fall, the move will allow ICE to further digitize the mortgage ecosystem. (MERS has faced controversy in the past over its alleged role in precipitating the 2008 housing crisis.)

“Simplifile and MERS support the residential lending industry’s shift to digitization and will, together, help to make the mortgage closing process simpler, faster, and more transparent for a range of industry stakeholders,” ICE said in a press release.

According to the release, the transaction is expected to close in the third quarter, subject to an antitrust law that requires large companies to file a report before completing a merger. If the acquisition goes through, the firm’s 200 employees will continue to operate in Provo, Utah under the Simplifile name.

Simplifile’s online databases allow various stakeholders to submit deeds, mortgage records and tax liens electronically, and let recorders “electronically review, stamp, record, and return documents back to the submitter within minutes of receipt.” The company works with 1,922 of 3,142 county recorder offices, which represents 80 percent of the U.S. population. [Inman] — Kevin Sun


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
Social Construct's co-founders Ben Huh and Michael Yarne (iStock)
Proptech startup Social Construct shutting down
Proptech startup Social Construct shutting down
The average iBuyer offer is now above 100 percent of market value. (iStock)
iBuyers upping offers as housing market rises
iBuyers upping offers as housing market rises
Alphabet CEO Sundar Pichai and Twitter CEO Jack Dorsey (Getty)
Twitter, Google latest big companies to delay office returns
Twitter, Google latest big companies to delay office returns
Bad news for agents: Buyers warming to algorithms
Bad news for agents: Buyers warming to algorithms
Bad news for agents: Buyers warming to algorithms
From left: JP Morgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and Texas Capital Bank CEO Rob Holmes (iStock, LowneyJen/Wikimedia, World Economic Forum/Wikimedia, Texas Capital bank)
Rise in home prices frees banks to offload mortgage risk
Rise in home prices frees banks to offload mortgage risk
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...