ICE Mortgage Technology

What a difference a few days make… Mortgage rates fell to 6.48% on Friday according to the ICE U.S. Conforming 30-year Fixed Mortgage Rate Lock Index (LRC30FIX), down nearly 40 bps in just over a week and crossing below 6.5% for the first time since May 2023 with softer 10-year yields this morning providing even a little more easing. As for how this impacts home affordability, it brings some relief to potential homebuyers, who as of July 25th, with mortgage rates at 6.86%, faced a $2,419 mortgage payment on the median priced home when putting 20% down. As of Friday, just 8 short days later, that payment had fallen by $93/mo. (3.8%) to $2,326. If mortgage rates were to fall another 11 bps, it would knock $25 off that monthly bill. While that brings some relief, a median income borrower buying a median priced home at today’s rate would still face a payment-to-income ratio of 34.5% – compared to less than 25% over the past 30 years on average. Looking at the impact on refinance incentive, the drop in mortgage rates also benefits recent homebuyers as well, opening up opportunities for these folks to benefit from a refinance. Last week, 900K mortgage holders moved into the money to refinance, a 60% rise in just a few days. That raises the population of homeowners in the money to refinance (by at least 75bps) to 2.4M, the most there've been since early April 2022. Of those, 850K are highly qualified borrowers, with 720+ credit scores and 80% or lower CTLVs, and can save an average of $366/mo. at today's rates. 

Technology evolves quickly, and so do mortgage servicers’ needs.   ICE Servicing APIs help you and your development teams shift focus away from complex technical systems and onto delivering the outcomes your users want. These "functionality first" integrations are scalable, flexible and secure, and can help you accelerate your speed-to-market, stay ahead of changing industry dynamics, and reduce risk.   Watch below to see what Servicing APIs can bring to your business, then click here to read more: https://lnkd.in/eXWnf-HN

WATCH: Andy Walden, Vice President of Research and Analysis at ICE, breaks down the power of percentage points on CNBC’s Power Lunch. Interest rates falling into the 6.5% range means that today, there are 900,000 more homeowners who could shave off three-quarters of a percent through a refinance than there were a few days ago. While still modest by historical standards, it’s leading to the highest volume of refinance candidates since the Fed started to raise rates in early 2022.   See the full interview here as Andy also discusses the state of the housing market, mortgage rates, this week’s Fed meeting, and more: https://lnkd.in/eccVauRg

👏 Congratulations to Troy Tomas, our SVP of Engineering, on winning the HousingWire 2024 Insider Award! Leading the technical development of our origination technologies, Troy has architected the open API strategy that is foundational to ICE’s creation of a digital, end-to-end mortgage ecosystem. Learn more about his incredible work and how it’s impacting the industry in his Insider profile here: https://lnkd.in/gNybxZ25

Just under 24 hours left to register for this month's ICE Mortgage Monitor webinar. Ahead of next week's full report, Andy Walden and Gunnar Blix are diving into ICE's Home Price Index data, which shows housing prices cooling (again) in June, as well as geographical disparities across the 100 largest U.S. markets in terms of home price growth. They'll also discuss the latest on mortgage performance, updates on interest rate dynamics and refinance incentive following today's Fed meeting, as well as how shifting home prices are impacting mortgage holder equity positions. Register here: https://lnkd.in/gpPdFP3K

SouthState Bank’s Director of Mortgage Strategic Initiatives, Shane Horan recently joined us to discuss their seamless adoption of automation and longstanding partnership with ICE. Read the full customer success story to learn more: https://lnkd.in/gED7t3CD

Are you as excited as we are for ICE Experience 2025? We’re thrilled to welcome you back to the Wynn Las Vegas next year from March 10-12 for another incredible event. Sign up today to be among the first to receive exciting updates on what’s in store. #X25 https://lnkd.in/geuj7eZg

At ICE, we create opportunities for mortgage companies to make the dream of homeownership a reality for more Americans. See ICE Mortgage Technology executives Nancy Alley, Matt Dowd, Cecilia Choy and Jonas Moe share their perspectives on how our mission to deliver true end-to-end lending technology is transforming the homebuying experience.

How can lenders prepare to win in today's competitive market? Dale Vermillion recently sat down with us to share his top success secrets, including why it's essential to "make sure you've got a great CRM system and that you're utilizing ICE every way that you can.” Tune in below for more insights ⬇️

“What’s been key to our successful partnership with ICE Mortgage Technology has been the collaboration and communication.”   Hear from Joshua Reicher, Chief Digital Officer at Cenlar FSB, as he talks about their partnership with ICE. Then, read more about Cenlar's technology journey with ICE here: https://lnkd.in/eDp42MJq