During 2016, the mortgage industry will continue to face the challenges of working to decrease regulatory risk, increase operational efficiency and improve financial performance. To help lenders and servicers better meet these challenges, Black Knight Financial Services has developed LoanSphere.
This unique, integrated platform of technology, data and analytics facilitates and automates many of the business processes across the entire loan lifecycle – from origination to servicing and default. By integrating these functional solutions with loan data throughout the process, lenders and servicers can better protect and grow their businesses.
Now that the CFPB’s TILA-RESPA Integrated Disclosure (TRID) rule has gone into effect, scrutiny for TRID compliance will escalate in 2016. To support lenders and their network of settlement agents with their efforts at TRID compliance, Black Knight’s Closing Insight solution offers online integrations with major title and settlement platforms to facilitate lenders’ efforts to generate the new closing disclosure forms and enable lenders and settlement agents to reconcile fees within mandated timelines.
Developed and tested in close collaboration with top lenders, title underwriters and widely used title software providers, this secure and scalable solution is helping the industry deliver a higher-quality, data-driven process in accordance with current regulatory requirements. Ten of the top lenders in the U.S. and over 15,000 settlement companies are now using Closing Insight.
Black Knight enhancements will also support new GSE requirements, changes affecting servicers’ periodic statements for bankruptcy loans, and the CFPB’s amendment to HMDA for lender collection, reporting and disclosure of loan data.
As more borrowers leverage the equity in their homes, regulatory requirements for home-equity lending will increase. Enhancements to Black Knight’s LoanSphere Empower loan origination system, used by six of the top 20 lenders in the U.S., support both first mortgages and home equity products, offering lenders one comprehensive system that supports TRID and other regulatory requirements, while allowing each loan type to have its own work flow, reports, product-specific documents and more.
And, when a client also uses Black Knight’s MSP servicing system, both first mortgages and home equity loans originated on Empower can be seamlessly transferred to servicing for even greater efficiency and reduced errors.
MSP services over 55% of U.S. mortgages – more than any other servicing system in the industry. From loan boarding to loan payoff, this leading application offers all the servicing functionality needed within a single technology solution and provides work flow, rules and automation to support increased efficiency.
More than 20 states allow HOAs to record super liens for delinquent homeowner accounts and place the HOA in first-lien position. Black Knight’s HOA Solutions Suite helps servicers identify properties subject to HOAs, monitor portfolios to identify HOA liens and help conduct negotiations or cure HOA delinquencies to mitigate risk.
INNOVATION AND CONNECTIVITY
To simplify access to LoanSphere’s enterprisewide connectivity, Black Knight expects to launch its LoanSphere portal in 2016. Offering one central access point will make it faster and easier for clients to access all LoanSphere applications.
Black Knight will also continue to develop its LoanSphere Data Hub, which allows clients to access all of their loan data on Black Knight systems from a central repository and link that information with Black Knight’s vast public records data covering 99.9% of U.S. properties and households. This unparalleled portfolio insight helps clients identify trends or take action on specific loans.
Additionally, Black Knight’s LoanSphere Active Insight solution will enable businesses to easily view and analyze proprietary and public records data from across the loan lifecycle, which provides actionable insights for new growth opportunities and reducing risk.
ADVANTAGES OF PARTNERING WITH BLACK KNIGHT
To succeed in challenging times, lenders and servicers need the help of a partner that can help them rise to the challenge. By taking advantage of Black Knight’s comprehensive, integrated capabilities, its clients can achieve tremendous results including enhancing efficiency, reducing risk and improving financial performance.