Intercontinental Exchange (ICE), a global provider of data, technology and market infrastructure, has expanded its MSP loan servicing system to include the ability for the automated release of the lien once a mortgage has been paid off. The new Automated Lien Release (ALR) capability integrated with MSP combines document creation and automated workflows into one solution and routes lien release packages for e-signing and e-recording, adhering to local regulations for the more than 2,500 U.S. counties where e-recording is available. The launch of the MSP ALR capability marks the first time ICE has harnessed the full capabilities of its expanded mortgage technology business to quickly build and implement solutions that address market needs.
“In the few short months since completing the Black Knight acquisition, we’ve identified many such seemingly simple, but incredibly valuable, ways to enhance the mortgage lending process,” said Tim Bowler, president of ICE Mortgage Technology. “Automated Lien Release is a great example of the capabilities that can be quickly brought to market to help usher U.S. housing finance forward. As always, the ultimate beneficiary of everything ICE does is the American homebuyer.”
Releasing a lien on a property has historically been a laborious process prone to human error, during which servicers coordinate with title companies, vendors, notaries and others to release and record a fully paid lien. With ALR, once payoff funds are received and applied, application programming interface (API) integrations trigger the creation of the lien release package and processing workflow in ICE Mortgage Technology’s closing solutions, which were enhanced by the 2019 acquisition of Simplifile.
Because the MSP ALR capability can reduce mistakes and delays associated with manual processing, recording can take place in days instead of weeks. Even in counties where eRecording is not available, ALR streamlines the process and prints the release package for the servicer to wet sign.
Automated Lien Release is already available to users on the MERS System and has been helping members electronically sign and notarize documents independent of their servicing system. ALR’s new direct integration within MSP grants that same ability to servicers for their whole portfolios.
