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Mortgage

Black KnightÕ latest innovation: LoanSphere supports entire loan lifecycle

New platform manages loan from origination to servicing and beyond

Black Knight Financial Services (BKFS) introduced a new integrated technology and data platform designed to support the entire lifecycle of a loan.

Black Knight announced the new platform, which is called LoanSphere, on Monday at the Mortgage Bankers Association’s 102nd Annual Convention and Expo in San Diego.

The LoanSphere platform further integrates technology applications from loan origination to servicing to default, Black Knight said in a press release.

LoanSphere brings together technology, data and analytics that support the mortgage and home equity loan lifecycle.

“Traditionally, lenders and servicers have used disparate, siloed origination and servicing systems to manage functions from application to disposition over the life of a first mortgage loan. Using additional origination and servicing systems for different types of loans — such as home equity loans — only adds to inefficiency, increased risk and lack of clear, comprehensive insight across loan portfolios,” Black Knight said in a release.

“Black Knight's LoanSphere platform will significantly change this traditional business model by fully integrating all origination and servicing functions for mortgage, home equity loans and lines of credit through business process automation, workflow, configurable rules and integrated data,” Black Knight added.

According to Black Knight, LoanSphere will provide:

  • Greater end-to-end connectivity that enables loan data exchange from function to function across the entire loan lifecycle, without the need to rekey information in separate systems for greater efficiency and reduced errors.
  • The ability to link loan and borrower data from Black Knight's LoanSphere applications with public records and third-party data using the LoanSphere Data Hub for faster, more accurate analysis, better decision-making, improved efficiency and increased transparency into previously unavailable insights.
  • A common look and feel across all LoanSphere applications to make training easier for clients' employees and improve their ability to support multiple functional areas with limited additional system training.
  • Direct access to linked data and a full suite of data and analytics products from within the LoanSphere platform — including origination, servicing and default applications — enhancing decisioning capabilities and improving quality of processes.

"No other company can deliver LoanSphere's proven, innovative solutions and insightful data across every aspect of the loan lifecycle," said Black Knight CEO Tom Sanzone. "Integrating our comprehensive capabilities under LoanSphere offers our clients tremendous possibilities for enhancing efficiency, reducing risk and improving financial performance through cost savings and business growth."

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