Wells Fargo renews long-term MSP servicing deal with ICE

Intercontinental Exchange, Inc. (NYSE: ICE) announced that Wells Fargo (NYSE: WFC) has renewed its agreement to use MSP, ICE's mortgage loan servicing platform, and will expand its use to cover its full home loan servicing portfolio.

The renewed agreement extends a relationship that spans more than 35 years. As part of the expanded arrangement, Wells Fargo will also use ICE Business Intelligence to automate and streamline default servicing workflows and has begun electronically registering its mortgage loans on the MERS eRegistry for loan tracking and transfer.

"Wells Fargo's long-standing use of MSP is a testament to the value of a servicing platform that has been proven at scale," said Bob Hart, President of Mortgage Technology at ICE. "The ability to automate complex workflows, reduce manual intervention and adapt quickly to regulatory change is what separates servicers who are managing their portfolios from those who are truly in control of them."

MSP is described as a loan servicing system that manages the full servicing lifecycle, from loan boarding to payoff or default resolution, using configurable, exception-based workflows to automate routine servicing activities.

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