Simplifile Acquisition by Intercontinental Exchange Validates Vision for Digital Mortgage Ecosystem
Simplifile title agent/county recorder network helps close “last mile” gap in true digital mortgage and e-note production
PROVO, Utah, – May 3, 2019
Simplifile President Paul Clifford, responding to the May 1 announcement regarding the firm’s acquisition by Intercontinental Exchange (ICE), offers the following statement:
Simplifile’s acquisition by ICE is the next step in a vision that has taken 19 years of dedicated effort and strategic implementation to create critical infrastructure to enable e-mortgages. The first step began when we conceived a solution for automating the recording process by allowing any county recording office to connect to any submitter of documents electronically. From its start, Simplifile has aimed to serve as an agnostic and open industry utility, providing a permanent infrastructure of document and data exchange for title/settlement agents and local recording offices.
A later step that began in 2013 was the development of a secure collaboration platform that allows lenders and title/settlement parties to interact on documents and data real-time. After that, Simplifile is now connecting the title/settlement parties to electronic closing providers and automating the instantaneous return of trailing documents and data to the lender. These and other services will help the mortgage industry be able to have an interoperative infrastructure that joins the key stakeholders of a transaction in a way that has not previously existed.
The similarity of our vision to ICE’s, as illustrated by its 2018 acquisition of MERS, makes this more than a marriage of convenience. It is a synergistic union of like-minded organizations that will ultimately serve to expand the availability of industry-wide utilities that facilitate digital mortgages.
With all the attention paid to the origination side of the mortgage transaction through digital point-of-sale, e-signatures and the like, the devil was really in this detail – the ‘last mile’ of the transaction from closing through e-recording and ultimately investor delivery.
With its acquisition by ICE, Simplifile is eager to work alongside MERS in providing a connection point to our network of more than 17,000 title and settlement agents and more than 1,900 U.S. recording jurisdictions, while remaining a steadfast provider to the thousands of professionals who rely on our services every day.
Simplifile, the nation’s largest e-recording network, was founded in 2000 to connect settlement agents and county recorders via its e-recording service. Today Simplifile has broadened its services to include collaboration tools and post-closing visibility for mortgage lenders and settlement agents working together on real estate documents. Through Simplifile, users can securely record, share and track documents, data and fees with ease.
To learn more, visit https://simplifile.com or call 800.460.5657.