Transaction revenue was $141 million, up 20% year over year. Gardiner said growth was driven by the Encompass loan origination platform, where customers are increasingly exceeding minimum usage levels amid an improving origination environment, along with double-digit growth in Electronic registration systems for mortgages (MERS) usage supported by strong refinancing activity.
Recurring revenue totaled $391 million, in line with the company’s expectations.
“As we discussed in previous quarters, some customer renewals came in at lower minimum levels. Importantly, these renewals come with higher prices per transaction, which will become increasingly beneficial as production volumes normalize,” Gardiner said. “The impact of lower minimums was largely offset by strong implementations and product expansions, especially within origination technology.”
For the full year, ICE Mortgage Technology reported revenue of $2.1 billion, versus $2.1 billion in operating expenses, resulting in operating income of $14 million and an operating margin of 1%. On an adjusted basis, operating income was $859 million, with an adjusted operating margin of 41%.
The company expects total mortgage technology revenue to grow in the low-to-mid single digit range through 2026. That’s driven in part by continued gains in recurring revenue and merger-related synergies, which nearly doubled from $55 million at the end of 2024 to approximately $100 million at the end of 2025. These gains are expected to offset customer churn resulting from certain M&A activity in 2025.
ICE also said United Wholesale Mortgage (UWM) went live on its MSP service platform in January, about nine months after signing a contract. UWM chose to bring the service in-house after a competitor Rocket companies‘acquisition of Mr. Cooper Groupto which it had previously delegated maintenance activities.
Ben Jackson, president of Intercontinental Exchange, spoke about the planned retirement of the Encompass SDK and certain legacy technologies by the end of 2026. He said providing additional time is a reflection of customer prioritization rather than competitive pressure.
“We’ve given them more time to do it because we know that won’t slow our pace of innovation in other areas,” Jackson said. “And we have not seen it in any way hindering our sales success, nor have we seen it impact any kind of attrition or change the competitive landscape.”
Overall, ICE reported net income of $851 million in the fourth quarter and $3.3 billion for the full year.
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