Payment Processing Technology Now Available to Loan Servicers

As part of ICE Mortgage Technology’s Servicing Digital solution, loan servicers can now offer payment processing technology developed by REPAY, making it easier for homeowners to make their monthly mortgage payments. This innovative technology allows borrowers to make payments using their debit cards, providing a more convenient and secure option compared to traditional paper checks or wire transfers.

Payment Processing Technology and Benefits

REPAY’s payment processing technology has been integrated into ICE Mortgage Technology’s Servicing Digital solution, enabling borrowers to make payments using their debit cards. This innovative technology offers several benefits, including:

• Convenience: Debit card payments are faster and more convenient than traditional paper checks or wire transfers.
• Security: Debit card payments are more secure than credit card payments, as they don’t require providing sensitive financial information.
• Instant Funding: Debit card payments are processed instantly, reducing the risk of late fees.
• Real-time Payment Confirmation: Borrowers receive real-time confirmation of their payment, ensuring they stay informed.

REPAY and ICE Mortgage Technology Partnership

REPAY is a leading provider of payment processing technology, having processed over $25.7 billion in debit card payments last year. The company’s partnership with ICE Mortgage Technology aims to expand the reach of its payment processing solutions beyond its core verticals, including personal and automotive loans, receivables management, and business-to-business payments.

Mortgage Servicing Technology and ICE Mortgage Technology

ICE Mortgage Technology is a major player in mortgage servicing technology, with its ICE Mortgage Technology segment generating $214 million in revenue during the first quarter of 2024. The company’s acquisition of Black Knight in the third quarter of 2023 made it a leading provider of mortgage servicing technology.

Conclusion

In conclusion, the integration of REPAY’s payment processing technology into ICE Mortgage Technology’s Servicing Digital solution offers homeowners a convenient and secure way to make their monthly mortgage payments using debit cards. This innovative technology benefits both loan servicers and borrowers, providing a more efficient and secure payment processing system.

FAQs

Q: What is the benefit of using debit cards for mortgage payments?
A: Using debit cards for mortgage payments is more convenient and secure than traditional paper checks or wire transfers. Debit card payments are faster, more secure, and provide real-time payment confirmation.

Q: How does the REPAY payment processing technology work?
A: REPAY’s payment processing technology allows borrowers to make payments using their debit cards. The technology processes payments instantly, reducing the risk of late fees and providing real-time payment confirmation.

Q: How did REPAY’s payment processing technology become integrated into ICE Mortgage Technology’s Servicing Digital solution?
A: REPAY and ICE Mortgage Technology partnered to integrate REPAY’s payment processing technology into ICE Mortgage Technology’s Servicing Digital solution. This partnership enables borrowers to make payments using debit cards, providing a more convenient and secure option.

Q: What is the significance of this partnership?
A: This partnership is significant because it expands the reach of REPAY’s payment processing solutions beyond its core verticals. It also provides homeowners with a convenient and secure way to make their monthly mortgage payments.

Author: www.inman.com

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