CitiMortgage announced Monday agreements with two digital technology platforms to offer its new single digital platform for its clients.
The new front-end digital originations platform will be powered by LoanFX from Digital Risk, a provider of digital technology platforms and services, and the new loan originations system will run on LoanSphere from Black Knight.
“With these best-in-class systems in place, we will revolutionize the experience we provide our clients, through every channel and product,” said CD Davies, head of CitiMortgage. “These agreements are another critical step toward making mortgage a key differentiator for our franchise and delivering the full power of Citi’s network to clients.”
The new digital capabilities will allow CitiMortgage clients to complete the full loan cycle, from research to application, processing, scheduling appraisals, handing title, to closing through one digital platform.
“As part of Black Knight’s commitment to innovation, we were able to advance the Empower LOS’ capabilities to help Citi streamline its loan processing through a single platform,” said Rich Gagliano, Black Knight Origination Technologies president. “By enhancing the Empower LOS to accommodate all lending channels, Citi can also better support the customer experience with one convenient source for all lending functions – from point-of-sale to post-closing.”
Black Knight’s solution enables CitiMortgage to integrate with service providers for pricing, fees, compliance, appraisal, fraud and settlement services.
Digital Risk’s LoanFx is designed to streamline clients through the front end of the mortgage origination process. It will aggregate data automatically, including automated income and asset information. Citi will now be able to deliver digital disclosures, accelerate credit decisions and reduce cycle times.
“LoanFx is Digital Risk’s solution for the mortgage industry’s demand for a full-service digital originations platform, enabling Citi’s clients to experience the entire process from application to underwriting and loan approval in as little as 20 minutes,” said Jeff Taylor, Co-Founder and Managing Director of Digital Risk. “This will also significantly reduce the cycle time of the entire mortgage process.”