The APOR index is the underlying interest rate source used to determine what qualifies as a higher-priced mortgage loan under federal regulations. For more than a decade, the Consumer Financial Protection Bureau has published the APOR weekly.

In 2023, the CFPB announced it would begin using data from ICE, rather than the weekly Freddie Mac survey, to calculate its APOR. ICE said the same data from its loan origination system, Encompass — which is used by the CFPB — will also be used for ICE's own APOR.

It remains unclear why ICE opted to introduce a separate APOR index, given that the CFPB already publishes one. The company declined to provide additional details.

The mortgage technology provider emphasized the importance of APOR for lenders, consumers and secondary market participants in assessing whether a loan meets certain regulatory thresholds. These thresholds can affect mortgage terms and whether a loan qualifies for securitization by Fannie Mae and Freddie Mac, ICE's press release said.

In its announcement, ICE called the APOR published by the CFPB "a foundational rate that impacts residential mortgage lending standards and qualifications for securitization."

"ICE's deep experience leveraging transactional data and designing trusted benchmarks was critical in constructing ICE APOR, which is intended to provide additional and continued transparency for both lenders and participants in the mortgage-backed security market," said Chris Edmonds, president of fixed income and data services at ICE, in a statement. 

Uncertainty looming around the CFPB's future might have played a role in the mortgage tech vendor deciding to launch a stand alone index. Litigation filed by CFPB employees attempting to halt reductions at the bureau, have cited concerns about the bureaus ability to keep the index up to date if headcount plummets.