Intercontinental Exchange, Inc. (ICE), a renowned global technology and data provider, announced that Carrington Mortgage Services, LLC, a prominent non-bank lender, is making a comeback to ICE’s Encompass mortgage lending platform. Carrington is set to leverage Encompass across its retail, wholesale, and correspondent lending channels, streamlining the electronic capture, processing, underwriting, and closure of mortgage loans and equity products.
Carrington’s decision to return to ICE’s Encompass platform comes at a time when the company is witnessing a rise in foreclosure starts in October, despite having experienced the lowest levels of serious delinquencies in 17 years. The Encompass platform will play a crucial role in not only managing the mortgage loan process but also ensuring efficiency and transparency across all lending channels.
Intercontinental Exchange’s loan-level database represents the majority of the national mortgage market, providing valuable insights into mortgage performance statistics. According to data as of October 31, 2023, the total U.S. loan delinquency rate, accounting for loans 30 or more days past due (but not in foreclosure), stands at 3.26%, reflecting a month-over-month decrease of 0.99%.In a related announcement, NYSE Group, a part of Intercontinental Exchange, disclosed the holiday and early closing calendar for 2024, 2025, and 2026. This information encompasses various cash equity markets, including New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, and NYSE National, along with NYSE American Options, NYSE Arca Options, and NYSE Bonds markets.
Carrington Mortgage Services’ return to ICE’s Encompass Lending Platform marks a strategic move that aims to enhance efficiency and strengthen the mortgage process across its lending channels. Moreover, the company’s decision coincides with the noteworthy insights provided by Intercontinental Exchange’s loan-level database, reinforcing the mortgage industry’s overall performance in recent months.
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