The FINANCIAL -- Intercontinental Exchange, Inc., one of the leading operator of global exchanges and clearing houses and provider of data and listings services, announced it has acquired the remaining equity of MERSCORP Holding, Inc., owner of Mortgage Electronic Registrations Systems, Inc. (MERS).
ICE has owned a majority equity interest in MERS since 2016. Price and terms of the transaction were not disclosed and will not be material to ICE’s earnings or have an impact on capital return plans.
MERSCORP owns and operates the MERS System, a national electronic registry that tracks the changes in servicing rights and beneficial ownership interests in U.S.-based mortgage loans. Earlier this month, ICE successfully moved the MERS System infrastructure to the ICE Mahwah data center, an integral requirement for completing the final acquisition of the business.
“As the U.S. mortgage finance industry transitions from a paper-based process to more digital mortgages and electronic notes, MERS is uniquely positioned to provide a seamless process that will bring greater efficiencies to consumers, lenders and institutional investors,” said ICE Chairman and CEO Jeffrey C. Sprecher.