ICE Mortgage Technology launches credit dispute tool improvements

Intercontinental Exchange is upgrading automation within its mortgage servicing platform to assist clients involved in credit disputes.

Changes to the Credit Bureau Management tool integrated with ICE Mortgage Technology's MSP platform will now automatically send completed documentation to third-party reporting agencies, eliminating servicers' need to re-enter relevant data at submission. Credit Bureau Management already collects and autofills borrower-related information to necessary forms from data held within MSP. 

The change should expedite the credit dispute process and help servicers meet obligations and deadlines for form submission, such as the 30-day window mandated by the Fair Credit Reporting Act.

"ICE understands and appreciates how quickly servicers must act to complete their investigation into a credit dispute,"  said Tim Bowler, president of the mortgage technology unit at Intercontinental Exchange. 

The upgrade will eliminate repetitive, manual data entry tasks and should save servicers time and reduce the possibility of errors, he said. 

The Credit Bureau Management system was originally designed to help servicers organize credit disputes with their clients, collect information needed for investigations quickly and preserve an audit trail for the entire process.  

"Our enhancements to Credit Bureau Management are part of our broader mission to systematically reduce inefficiencies across the housing finance life cycle and to help our clients consistently provide the best experience possible for the homeowner," Bowler said. 

MSP, previously a product of Black Knight before its merger with ICE, has seen several updates since the acquisition was approved last year. Among other changes introduced earlier in 2024 was an update to the system's interface, which users can adopt when their businesses are ready. 

The most dominant servicing platform in the mortgage industry by market share, MSP has also attracted new clients to the system this year, including both current customers of ICE's Encompass origination platform and lenders not previously connected with the parent company. 

In quarterly earnings calls, leaders at Intercontinental Exchange have similarly touted their success in converting MSP users to Encompass customers. The second quarter saw ICE close on 29 new Encompass customers, executives said in its most recent earnings call. 

The move of MSP to ICE Mortgage Technology last year significantly changed the mortgage technology landscape, with the company now owning both the most widely used loan-origination and servicing systems. Other units and products divested from Black Knight in order to gain merger approval are today operating as stand-alone businesses and coming up with new strategies and marketing to increase market share. 

The loss of the Optimal Blue product pricing engine, though, now also has ICE attempting to make improvements to its own PPE.