Intercontinental Exchange, Inc., an operator of global exchanges (including the New York Stock Exchange) and clearing houses and provider of data and listings services, has completed its $335 million acquisition of Simplifile, LC. Simplifile was founded in 2000 and operates the largest network connecting the agents and jurisdictions that underpin residential mortgage records.
Simplifile has built a network in 1,941 counties in the United States. Its eRecording product allows customers to electronically record deeds, mortgages, liens, releases and other documents online, over the nation’s largest network.
HousingWire reports Intercontinental Exchange moved into mortgages in a big way last year when the company bought MERS, which operates a national electronic registry that tracks the changes in servicing rights and beneficial ownership interests in U.S.-based mortgages.
Chris McEntee, the president of ICE Mortgage Services, said that the company made the move to capitalize on the mortgage business’ ongoing evolution from paper-based transactions towards digital ones.