ICE claims to have 90% of property listing data

Intercontinental Exchange has entered into a licensing agreement with REdistribute, a joint venture owned by a number of multiple listing services that would allow the mortgage technology behemoth to gain additional access to real estate listing data.

This multi-year licensing agreement is in addition to existing pacts for data with The Realty Alliance and the National Association of Realtors.

Several use cases for this information exist in the mortgage spectrum.

"Banks and government agencies would access this information for multiple uses, including underwriting, risk management and portfolio management," said Ben Graboske, president of mortgage data & analytics, ICE Fixed Income & Data Services. "It could also help servicers with loss mitigation on loan modification offers and other distressed borrower workouts."

REdistribute started in business in 2022 and now it includes data from more than 40 multiple listing services. Between the three arrangements, ICE's property listing services coverage now includes over 90% of such information, it stated.

"Our mission is rooted in the recognition that the work product of an MLS — that is, the real estate listings they produce — can, and should, bring additional value back to the MLS and its participating brokers," said Amy Gorce, CEO of REdistribute, in a press release. "We're delivering clean, standardized MLS data directly from the source, and specifically on behalf of the producers of that data."

In Intercontinental Exchange's earnings report for the fourth quarter, $70 million of revenue came from ICE Mortgage Technology's data and analytics business, $56 million more than for the same period in the previous year.

A likely contributor to that year-over-year growth was the addition of Black Knight's own operations in that line. Graboske was a Black Knight executive prior to the September closing of the much delayed, hard fought, acquisition.