Fee processing expertise developed by REPAY is now obtainable to mortgage servicers by way of ICE Mortgage Know-how’s Servicing Digital answer, a buyer engagement and retention device.
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Thousands and thousands of house owners may quickly have the choice of utilizing a debit card to make their month-to-month mortgage funds immediately with the mixing of cost processing expertise developed by REPAY into ICE Mortgage Know-how’s Servicing Digital answer.
Mortgage mortgage servicers sometimes received’t settle for bank card funds as a result of they don’t just like the charges. However paying your mortgage with a debit card supplies among the benefits of a bank card — like pace, safety and comfort, Atlanta-based REPAY claims.
“Debit card acceptance capabilities expand payment options for borrowers, allowing them to make payments during month-end and grace periods, which enhances their overall ability to manage finances efficiently,” REPAY stated in asserting the deal Thursday. “This feature also improves the resolution of collection accounts by increasing the ability to promptly address them, and it reduces the need for slower and often costlier methods like wires or overnight payments.”
Paying your mortgage with a debit card is extra handy for debtors than a standard paper examine or wire switch cost, REPAY says, and pulling funds from the borrower’s account immediately means they’re much less prone to get hit with late charges whereas additionally getting real-time cost affirmation. Lenders can faucet saved cost information for future transactions whereas making certain compliance with the Fee Card Business Knowledge Safety Commonplace (PCI DSS).
REPAY processed about $25.7 billion in debit card funds final yr by way of 262 integrations with varied software program suppliers, the corporate stated in its most up-to-date annual report to traders.
The combination take care of ICE Mortgage Know-how will assist REPAY develop the attain of its cost processing options past core verticals together with private and automotive loans, receivables administration and business-to-business funds. REPAY accelerated its entry into the mortgage and healthcare funds verticals in 2020 with the acquisition of CDT Applied sciences, which did enterprise as Ventanex.
Based in 2006 by present executives John Morris and Shaler Alias, REPAY went public in a 2019 merger with a particular function acquisition firm (SPAC). Repay Holdings Company trades on the Nasdaq Capital Marketplace for early-stage firms which have comparatively low market capitalizations underneath the ticker RPAY.
ICE Mortgage Know-how says its MSP mortgage servicing system was utilized by 92 mortgage and residential fairness servicing shoppers to deal with greater than 50 million loans final yr. MSP integrates with Servicing Digital, a consumer-facing cell app and responsive internet answer that mortgage servicers can model as their very own.
Servicing Digital not solely permits debtors to see their mortgage standing and make funds however serves as a “customer engagement and retention tool” by offering details about the borrower’s residence fairness and neighborhood property values and serving to mortgage servicers market a brand new mortgage to shoppers who’re able to refinance or purchase their subsequent residence.
Servicing software program ICE Mortgage Know-how’s largest enterprise
Supply: Intercontinental Alternate Inc. quarterly earnings report.
ICE’s acquisition of Black Knight within the third quarter of 2023 made it a significant participant in mortgage servicing expertise — a brand new line of enterprise that’s now the largest income for the corporate’s ICE Mortgage Know-how phase. At $214 million in Q1 2024, mortgage servicing software program generated 43 p.c of ICE Mortgage Techology’s income for the quarter.
After surging above $1 billion in 2021 through the refinancing increase, income generated by mortgage origination expertise declined as rising rates of interest curbed borrowing exercise. ICE Mortgage Know-how noticed income generated by originations expertise fall by 22 p.c in 2022, to $798 million, and by one other 13 p.c final yr, to $694 million.
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