ICE Mortgage Technology Uses DocMagic’s eVault Technology

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Intercontinental Exchange Inc. (ICE) reported that ICE Mortgage Technology has acquired technology from DocMagic, Inc. that will use eVault’s solution to securely store digital mortgages and bills.

The leading operator of global exchanges, clearing houses, data and listing services rose 20.2% over the past year.

Both ICE Mortgage Technology and DocMagic have decades of experience helping lenders implement digital mortgage processes. (See ICE stock analysis on TipRanks)

The addition of DocMagic technology will provide ICE with enhanced capabilities to support paperless lending workflows as well as improved supply chain connectivity.

In addition, the technology acquired from DocMagic will complement the ICE Encompass eClose mortgage closure platform and help clients save time and money during the closure process, thereby improving the conditions for borrowers.

Joe Tyrrell, President of ICE Mortgage Technology, commented, “By building a complete solution and continuing to automate the mortgage closure process, we are helping the industry move to paperless closing and provide more efficient processes for our clients.”

The financial terms of the deal are kept secret. The deal is not expected to have a significant impact on ICE’s earnings.

Analyst Morgan Stanley Michael Cypris recently initiated coverage on the Intercontinental Exchange with a Hold rating and a target price of $ 122 (8.3% upside).

Cyprys believes ICE has good growth prospects with recurring earnings and a constant tailwind, but its upcoming refinancing cliff and tight investor positioning could slow the rise in share prices.

Overall, the stock has a moderate buyer consensus rating based on 5 buys and 2 retentions. IN Target price for ICE analysts $ 131 implies 16.3% upside potential from current levels.

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