Built Technologies continues to seek to revolutionize the construction industry with its new integration with Black Knight’s LoanSphere platform for digital construction loans.
The company announced Wednesday it would integrate with Black Knight in order to facilitate and automate many of the business processes across the homeownership lifecycle. The integration will provide digital management on any construction loan using loan data from Black Knight’s two core LoanSphere systems: the LoanSphere Empower loan origination system and the LoanSphere MSP servicing system.
“We are excited to add Black Knight to our Strategic Alliance Network,” Built President and CEO Chase Gilbert said. “Both Empower and MSP are industry-leading enterprise solutions, and this integration will provide a complete, seamless experience from loan origination through construction.”
“As construction lending heats up across the country, the timing of this integration couldn’t be better for the industry,” Gilbert said.
Built explained that in the past, the administrative burdens of construction loans have been a significant barrier for many lenders because of the manual processes required for spreadsheets, phone calls, email threads and other loan-related communications. However, with the integration between Black Knight and Built, any construction loan can be digitally managed throughout the loan life cycle – from origination through servicing.
“Both lenders and servicers will benefit greatly from Built’s integration with LoanSphere, which connects lending functions and data to help clients reduce risk, improve efficiency, and drive financial performance,” Black Knight President Joe Nackashi said. “Built’s technology complements these capabilities by offering real-time data access to improve the overall experience between mortgage professionals, builders and their borrowers.”
Previously, at the NEXT women’s tech conference in Dallas, Texas, panelists expressed the need for more technology in the construction industry. Gilbert explained that servicing continues to lag behind other areas of the mortgage industry in technology and efficiency. And servicing construction loans is even more complex, he pointed out.
In fact, back in November, Built announced it raised $21 million in order to revolutionize construction lending, saying it plans to use the money to expand in residential and commercial construction.
“It’s a confusing and intimidating space but it doesn’t have to be,” Gilbert previously told HousingWire. “Technology could make it easier.”