Wells Fargo expands servicing relationship with ICE

Wells Fargo has expanded its agreement with Intercontinental Exchange and will bring its full home loan servicing portfolio onto MSP, the technology platform acquired from Black Knight.

The bank said it did not have anything to add beyond what was in the press release from ICE.

But the agreement expands upon a relationship which has spanned 35 years, a press release said.

The agreement comes at a time when competition among servicing platform providers has increased.

Sagent, for example, announced it had installed former Mr. Cooper executive Sridhar Sharma as CEO and former Fannie Mae executive Andrew Bon Salle as chairman, in what industry observers noted was an effort to take the Dara roll out to the next level.

Meanwhile, Rocket, which bought Mr. Cooper and its 20% stake in Sagent, brought its servicing portfolio to that company from MSP.

In turn, United Wholesale Mortgage, which had subserviced to Mr. Cooper prior to the deal announcement, started its own in-house servicing function using MSP.

Rithm, another significant servicer, took an ownership interest in Valon in February.

ICE acquired Black Knight in September 2023, with the exceptions of the originations technology business, now known as Dark Matter, and the Optimal Blue product and pricing engine, bought in separate transactions by a unit of Constellation Software.

Besides having the most used servicing platform under its umbrella, ICE Mortgage Technology owns Encompass, the No. 1 loan origination system.

While Wells Fargo is considered a top 5 servicer by unpaid principal balance at $361.4 billion at the end of the second quarter, it is dwarfed by Rocket, which post-Mr. Cooper, has a $2.1 trillion portfolio, including subservicing of $852 billion.

Furthermore, Wells Fargo has been downsizing its owned MSR portfolio, which was at $455.5 billion as of June 30, 2025.

As of the end of the second quarter, Pennymac serviced $731 billion; the pending acquisition of the Cenlar subservicing business will bring this to over $1 trillion. Pennymac has its own servicing platform, for which Black Knight sued over alleged misappropriation of trade secrets in 2019.

Cenlar was a Black Knight customer, signing a "long-term renewal" in 2022.

The press release added Wells Fargo also uses ICE Business Intelligence and it has begun to electronically register its mortgages on the MERS eRegistry.

"Wells Fargo's long-standing use of MSP is a testament to the value of a servicing platform that has been proven at scale and demonstrates what becomes possible when servicing is built around intelligent workflow automation," said Bob Hart, president of mortgage technology at ICE, in a press release.