If you’re in real estate, this discussion isn’t optional. The signals are real.
What we’re seeing is a Paradigm Shift.
Rocket Mortgage, Redfin, and Mr. Cooper are combining forces. Intercontinental Exchange (ICE) is quietly taking over the tech behind nearly every real estate transaction in the country. And Lower just bought OJO Labs to take AI in real estate to a new level.
In a recent podcast in the bi-weekly YouTube series of Updates by Tristan Ahumada, Saul Klein and John Reilly, we addressed the fundamental changes happening in the residential real estate.space.
We first discussed what is meant by the term Paradigm Shift — see this clip at paradigm shift
Having estabished that we are currently experiencing a fundamental change in the way we do business — namely, no MLS offer of compensation, written buyer agency contracts, portal wars, convergence of the primary and secondary mortgage markets, etc — the stage was set to look at the long-awaited arrival of the digital end-to-end transaction, the cradle-to-grave edition.
Actually, Saul and I have been watching the progression of ICE (not ICE you see on tv) — the ICE that owns the New York Stock Exchange (and 12 global exchanges), and who has invested more than 40 Billion dollars in building its dominant position in the digitization and securitization of loans in the secondary mortgage market.
In the Related Reading section below, you’ll find more background information on ICE, the company most people have not heard about until this renewed interest in the end-to-end transaction.
In response to a wrap up question as to what we were keeping our eye on these days, here’s a 12 minute video clip focusing on the renewed interest in the end-to-end platform.
For a copy of the complete podcast, go to
https://www.youtube.com/watch?v=9HaSLn6aekQ
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RELATED READING
https://thedataadvocate.com/follow-the-money/
https://thedataadvocate.com/from-lehman-to-a-digital-housing-platform-the-intercontinental-exchange/
https://thedataadvocate.com/ice-black-knight-cquisition/
https://thedataadvocate.com/intercontinental-exchange-ice-black-knight-acquisition-2/
