Thursday, Land Gorilla, a provider of construction loan management software, integrated its technology with Black Knight’s loan origination system.
This integration will bring much needed advancements to the construction lending industry by providing lenders with full visibility and control of their construction loan pipeline, from origination to post-close management.
“The integration of the Empower system and Land Gorilla’s CLM software will benefit our mutual lender clients by helping them better manage the draw management processes for the construction period more efficiently,” said Rich Gagliano, Black Knight president of origination technologies.
Lenders will now be able to transfer their loan data from Black Knight’s Empower system to Land Gorilla’s Construction Loan Manager. This will save time for loan onboarding, increase process efficiency and consistency and reduce errors.
“We are very excited to bring our premier technologies together in this integration to provide a more efficient experience for lenders,” Land Gorilla CEO Sean Faries said. “The integration between Black Knight and Land Gorilla will equip users with the transparency, risk abatement and cost efficiencies required to be successful and meet the growing demand for construction and renovation loans.”
Earlier this year, a panel of experts at the NEXT women’s mortgage tech conference agreed – construction lending needs to change.
This integration is the latest in a string of efforts that attempt to revolutionize the construction lending industry. For example, back in November, Built Technologies 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.
And during that same time, Fannie Mae announced that it could be on the verge of introducing a pilot program to change the way it buys residential construction loans. Under the new program, Fannie Mae would buy the loan on the first day of construction, possibly making the loan easier to get and cheaper. The borrower wouldn’t begin making payments until after they moved into the home.
And earlier this year, Built also announced its integration with Black Knight’s LoanSphere platform for digital construction loans.