Intercontinental Exchange executives highlighted lending technology wins and the ongoing development of artificial intelligence infrastructure, but they also faced questions about the wisdom of mortgage investments over the past decade and even a possible spinoff. 

In its third-quarter earnings call, leaders addressed the performance and future prospects of ICE Mortgage Technology amid what is expected to be the most challenging lending environment in years. 

"Part of building an all-weather company is having a company that will do well when interest rates are rising and when interest rates are falling," said ICE CEO Jeff Sprecher during the call. 

The financial technology giant, which also owns market exchanges and fixed income and data services businesses, has made headline acquisitions to grow the other parts of the company this year. Executives noted that some of its past investments, whose values were criticized at the time, are now drivers of growth. 

The Atlanta-based enterprise took ownership of Ellie Mae and its Encompass loan-origination system in 2020 and followed up with an acquisition of the Black Knight servicing platform three years later.

The comments highlight heightened challenges that have emerged in 2026, forcing many companies to alter their strategies this year. 

"That being said, we're not married to anything. We're here as stewards of capital," Sprecher added, alluding to any possible future spinoff of segments. "If some of the parts don't work, then we'll find different parts."

Despite the challenging macro environment posed by current mortgage rates and housing costs, company leaders also pointed out that the home finance unit was performing well under pressure after its second consecutive profitable quarter.

ICE announces AI upgrades

As it focuses on artificial intelligence advancements on its origination and mortgage-servicing platforms, ICE Mortgage Technology also announced changes its customers could expect to see during the call, including enhanced AI access to its infrastructure.

"Starting this quarter, customers will be able to deploy their own agents connecting to either Encompass or MSP through a model context protocol in a fully auditable way," said Intercontinental Exchange President Ben Jackson, who also serves as chair of ICE Mortgage Technology. 

"Several of our clients are already engaging with us on this," he added, noting their ability to work with the wealth of data and permissions already available on ICE's systems. 

Jackson's comments came as the mortgage unit sees rising competition from a number of growing technology firms celebrating their recent additions of new customers. Competitors have frequently highlighted how AI serves as the foundation of their tools compared to older legacy systems. 

In the third quarter, though, ICE Mortgage Technology was able to boast of its own deals, Jackson pointed out. They included the company's broadening relationship with Wells Fargo Bank after the banking giant agreed to move its home-equity portfolio to MSP.

The servicing platform has added five new clients in 2026, the company said. 

ICE Mortgage Technology profits in the third quarter

Between July and September, the mortgage business at Intercontinental Exchange delivered operating income of $13 million to finish in the black, although profits shrank from both the prior quarter and year. Income decreased 71% from second-quarter's $45 million and 41% from $22 million over the same three months in 2025.

The number came off of revenue of $549 million, which was a 1.4% decrease from the previous three-month total of $557 million. It rose 4% on a year-over-year basis from $528 million. 

Its MSP servicing software, which it acquired from Black Knight in 2023, raked in $229 million, a lift when compared to $226 million and $216 million three and 12 months earlier.

Meanwhile, its origination-technology business took in $189 million, down from $197 million in the second quarter but inching up from $188 million a year ago. 

While looming challenges — including expected consolidation of the mortgage industry and rates remaining above 7% into 2027 — might pose threats to the recurring revenue that comes from existing-client renewals, ICE expressed confidence for the unit's expansion.

"We can continue to grow that business as we have been over the last couple of years in what's been a challenging macro," said ICE Chief Financial Officer Warren Gardiner. "The important thing for that is we continue to invest in the business."

On an adjusted pro forma basis, which calculates earnings by folding in hypothetical Black Knight financials, operating income finished at $219 million, which was down from $239 million and $224 million on a quarterly and yearly basis.  

"This quarter also marks three years since we closed our acquisition of Black Knight, and the integration continues to deliver ahead of plan," Gardiner said. "We now expect to exit 2026 with approximately $270 million of annualized expense synergies. This compares to an original 5-year target of $200 million when we announced the transaction."