The Future of Mortgage Innovation: A Q&A with Joe Tyrrell

Last month, ICE Mortgage Technology President, Joe Tyrrell sat down for a fireside chat with mortgage industry leader Rob Chrisman, Chrisman, LLC at the Mortgage Innovators Conference.

During their chat, Joe shared his thoughts on the state of the mortgage industry today, how life for both borrowers and lenders has changed post-2020, and what innovations we can expect to see from ICE Mortgage Technology in 2021 and beyond. 

Missed the session? Here are some highlights:

Rob: What trends are you seeing at ICE Mortgage Technology in the residential space?

Joe: Coming into 2021, we’re seeing trends that are similar to what we had in 2020. We’ve seen an uptick in cash out refinances, even higher than at the same point last year.

And we’re seeing a continuation of the second half of last year where lenders started to look really hard at technology that they believe will help them scale and enable them to take on as much volume as they can, without being dependent on their people.

We’ve also seen Millennials get off the sidelines and into the housing market.

Rob: How do you see new technology like eClose transforming the mortgage industry going forward?

Joe: eClose is a perfect example of how COVID put a spotlight on the need to quickly adopt new technology in our industry; it’s an accelerant to help us get to the true digital mortgage.

You don’t want a consumer or user having to jump from one interface or experience to another. We need to be thoughtful on how we introduce a digital experience. Moving away from siloed products will be the catalyst for our industry. eClose encapsulates the entire borrower experience and delivers that consistent experience.

Rob: Tell me how the transition has gone into ICE Mortgage Technology as a part of ICE and what might be possible over the next 5 years?

Joe: The transition’s been fantastic. When you go through those transitions, you always worry about maintaining culture. One core value of our culture is an absolute focus on customers. And ICE is the same way. So, now that we are part of ICE, it’s like coming home. Once the acquisition was finalized, we brought Simplifile, MERS, and Ellie Mae together and we did that so we could bring all these best-in-breed organizations to the industry in a way that’s going to be a very differentiated experience.

We’re just at the tip of the iceberg of what we can do now that we’re all together: fully automated origination, straight through processing, leveraging AI and machine learning, but doing so to improve the borrower experience and to increase margins for lenders.

We’re excited that we’re part of a company that owns and operates the largest financial exchanges around the world and I would suspect because of that, at some point we’ll be looking to bring some unique capabilities to the secondary market of the mortgage industry. More on that to come, but it’s been great so far.

For more insights from Joe, watch the video interview in full.

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