Intercontinental Exchange (ICE) Mortgage Technology reported operating income of $57 million in 2022, down from last year’s $397 million — a reflection of the headwinds the mortgage industry is facing.

The silver lining for the business was the strong sales in its Encompass loan origination software system in the fourth quarter, executives said in its latest earnings call on Thursday.

In turn, the mortgage service company plans to capitalize on cross-selling products to clients, large home lending banks investing in their legacy infrastructure and increasing sales to new mortgage shops in 2023.

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