As a trusted business partner, Black Knight is continuously looking for ways to help its clients overcome their most critical business challenges. With the recent acquisition of HeavyWater, Black Knight now offers artificial intelligence (AI) and machine learning (ML) capabilities specific to the mortgage industry.

logoAIVA is a state-of-the-art AI/ML virtual assistant that can help lenders accelerate their processes, reduce expenses and allow staff to be reassigned from repetitive tasks to focus on projects that are more strategic to a company’s success. Available as a stand-alone assistant, or integrated with a loan origination or servicing system, AIVA has the power to deliver greater automation and efficiency to the origination process.

AIVA will be available with Black Knight’s enterprise loan origination system (LOS): Empower. Empower supports retail, consumer direct, wholesale and home equity lending channels by delivering comprehensive functionality to electronically capture and process data for every facet of the loan origination process.

AIVA can read, comprehend and draw conclusions based on content and context to take on “stare-and-compare” responsibilities from today’s mortgage professionals. With AIVA, lenders will experience cutting-edge processing with human reinforcement to accelerate processes, reduce expenses and relieve staff from repetitive daily tasks.

As AIVA gains more knowledge and as manual routines are integrated for automation, lenders will be able to shift their focus toward next-level projects and challenges.

AIVA’s skills include:

Verify Income

  • Receive orders from lender LOS systems
  • Order tax transcripts from the IRS via credit reporting agency
  • Make tax transcripts available to Fannie Mae as part of Day 1 Certainty

Verify Assets

  • Order bank statements using API or third-party apps
  • Intake statements via email or API
  • Send custom emails to borrowers asking for account credentials
  • Pull and organize accounts, display summaries or make available via API
  • Look through statement details and identify large deposits
  • Calculate liquid assets and maintain traceability into account statements

Track Insurance

  • Intake hazard and flood insurance documents
  • Extract and identify key data
  • Use key data elements to find the corresponding mortgage
  • Identify insurance coverage gaps with complete traceability to insurance documentation

“With the cost of origination near all-time highs, our new AI/ML capabilities will help increase efficiencies to improve turn times and drive down costs for Black Knight clients,” said Rich Gagliano, president of Black Knight’s Origination Technologies division.

“AIVA is the future for delivering enhanced productivity and capabilities to our clients, and we are very excited about applying this groundbreaking technology to our powerful systems as we pursue our goal of helping to transform the mortgage industry.”

After integrating AIVA into its origination technologies, Black Knight will soon extend the AI/ML capabilities to its servicing and data and analytics solutions. Combining Black Knight’s extensive fintech experience with AIVA’s advanced capabilities will offer lenders and servicers powerful innovation that will significantly advance their operations.

PRODUCT: AIVA

SNAPSHOT: The AIVA platform is Black Knight’s virtual assistant for mortgage and home equity lenders. AIVA combines artificial intelligence (AI) and machine learning (ML) to perform certain mortgage functions more quickly and accurately than traditional methods. AIVA helps lenders verify income, assets and insurance coverage in minutes, compared to the hours-long, error-prone manual verification process.