The payment processing technology developed by REPAY is now available to loan servicers through ICE Mortgage Technology’s Servicing Digital solution, a customer engagement and retention tool.
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By integrating payment processing technology developed by REPAY into ICE Mortgage Technology’s digital services solutions, millions of homeowners will soon have the option to pay their monthly mortgage payments instantly using a debit card.
Mortgage servicers often don’t accept credit card payments because they don’t like the fees. But Atlanta-based REPAY claims that using a debit card to pay your mortgage offers some of the advantages of a credit card, such as speed, security and convenience.
“Debit card acceptance expands borrowers’ payment options, allowing them to make payments at the end of the month and within the grace period, thereby enhancing their overall ability to effectively manage their finances,” REPAY said in announcing the deal on Thursday. “This project The feature also improves collection account resolution rates by increasing the ability to process collection accounts in a timely manner and reduces the need for slower and often more costly methods such as wire transfers or overnight payments.”
REPAY says using a debit card to pay your mortgage is more convenient for borrowers than a traditional paper check or wire payment, and funds can be withdrawn from the borrower’s account immediately, meaning they are less likely to be hit with late fees. impact while also reaping real benefits. Lenders can use stored payment data for future transactions while ensuring compliance with the Payment Card Industry Data Security Standard (PCI DSS).
In its most recent annual report to investors, REPAY said it processed approximately $25.7 billion in debit card payments last year through 262 integrations with multiple software vendors.
The integration agreement with ICE Mortgage Technology will help REPAY expand the reach of its payment processing solutions beyond core verticals, including personal and auto lending, accounts receivable management and business-to-business payments. In 2020, REPAY accelerated its entry into the mortgage and healthcare payments verticals with the acquisition of CDT Technologies, which does business as Ventanex.
REPAY was founded in 2006 by current executives John Morris and Shaler Alias, and went public in 2019 after merging with a special purpose acquisition company (SPAC). Repay Holdings Corporation is a relatively low-cap early-stage company trading on the Nasdaq Capital Market under the symbol RPAY.
ICE Mortgage Technology said 92 mortgage and home equity servicing customers used its MSP loan servicing system to process more than 50 million loans last year. MSP integrates with Servicing Digital, a consumer-facing mobile app and responsive web solution that loan servicers can brand themselves.
The digital service not only allows borrowers to view the status of their loans and make payments, but also serves as a “customer engagement and retention tool,” providing information about borrowers’ home equity and community property values and helping loan servicers to prepare for of clients promoting new home loans.
Service software ICE Mortgage Technology’s largest business
Source: Intercontinental Exchange Inc. Quarterly Earnings.
ICE acquired Black Knight in the third quarter of 2023, making it a major player in the mortgage servicing technology space, and this new business has now become the largest revenue source for the company’s ICE Mortgage Technology segment. In the first quarter of 2024, mortgage servicing software revenue was $214 million, accounting for 43% of ICE Mortgage Technology’s revenue in the quarter.
Revenue generated by mortgage origination technology soared to more than $1 billion during the 2021 refinancing boom, but has declined as rising interest rates curb lending activity. ICE Mortgage Technology’s origin technology revenue fell 22% to $798 million in 2022 and fell another 13% to $694 million last year.
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