There are 3 straight forward elements to understanding this deal: 1) being a home buyer and seeing how ridiculous the entire mortgage process is; 2) recognizing the importance of mortgages as an asset class & 3) knowing that one of ICE’s superpowers is simplifying and digitizing.
2020 pre Ellie Mae deal: ICE: +5% S&P 500: +5% 2020 post Ellie Mae deal: ICE: +8% S&P 500: +2% The market likes the ICE M&A story.
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