Fifth Third Bank Moving to ICE’s Encompass and MSP Core Systems


Fifth Third Bank is moving its origination and servicing operations to the end-to-end mortgage technology ecosystem from Intercontinental Exchange, Inc. (ICE).

Using the Encompass and MSP loan origination and servicing platforms gives the bank a seamlessly integrated system to handle both first lien and home equity products across all lending and servicing channels, from customer engagement and loan production through the long-term servicing of the mortgage.

Fifth Third will also incorporate multiple ICE data and analytics solutions to help mitigate risk, identify opportunities, and gain crucial insights to support data-driven decision making.

“At Fifth Third, we’re working to digitize the overall homebuying experience, giving our customers control, choice and transparency along the journey,” says Jay Plum, executive vice president and head of Mortgage for Fifth Third, in a release. “ICE’s approach to modernizing housing finance with integrated technology and seamless data sharing aligned perfectly with what we’re seeking to accomplish for our customers. We share a vision for a smooth, simple, and accessible experience, from the start of a customer’s mortgage journey all the way through their long-term servicing experience.”

The bank will benefit from the speed and accuracy afforded by the ICE Data & Document Automation solution, ensuring clean data transfers.

In addition to the Encompass and MSP core systems, Fifth Third will also be using ICE’s consumer-facing Servicing Digital solution, which provides borrowers with self-serve capabilities and information about their loan, property and neighborhood. It also serves as a channel for lender-servicers to communicate opportunities for equity loans or refinancing, and for mortgage holders to seek assistance in times of distress.

Fifth Third will also deploy multiple ICE data and analytics solutions, with ICE’s Rapid Analytics Platform (RAP) serving as the access point to ICE’s robust mortgage and property data, valuation and indexing solutions, and behavioral models. RAP is a comprehensive analytics workspace with a marketplace of connections to ICE’s many real estate, housing finance and other data sets. With RAP, data scientists and other users have the ability to upload and join proprietary data sources for analysis.

“Fifth Third is well known for its commitment to providing a premier digital mortgage experience,” says Tim Bowler, president of ICE Mortgage Technology. “That is a common goal we share. Fifth Third’s use of Encompass and MSP to originate and service both first lien and home equity lending products, together with the data and analytics solutions ICE provides to enhance the customer experience, will help the bank to further its own digital initiative.”

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