Black Knight is looking to hook mortgage brokers with a new loan origination system designed specifically for them.
The Florida-based mortgage tech and analytics behemoth on Wednesday unveiled “LoanCatcher” to mortgage brokers, which it described as an “end-to-end” solution that is integrated into its Surefire CRM and mortgage marketing engine. The direct integration will allow brokers to improve recapture and retention rates, Black Knight said.
“Entrepreneurial brokers have been driving an increasing share of mortgage lending, and Black Knight is committed to serving that community and further enabling their growth,” Rich Gagliano, president of Black Knight Origination Technologies, said in a statement. “By providing anytime, anywhere access to advanced LOS technology, LoanCatcher meets brokers when and where they are, giving them the freedom to expand their business and better serve their customers.”
The mortgage tech firm said LoanCatcher is entirely cloud-based and can be used on any internet-connected device. It also has API connectivity to Black Knight’s companion product, Loansifter PPE, which many brokers use to shop pricing from 120 different wholesale lenders.
The data stored on the LOS is encrypted and continuously backed up on a secure cloud.
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After the loan is originated, LoanCatcher enables the lender to download the file and deliver to whichever lender they choose, regardless of system, Black Knight said in a statement.
The product news follows a series of acquisitions designed to improve the company’s LOS capabilities.
Black Knight’s acquisition of NexSpring Financial in March was credited as an effort to beef up its broker product offerings. And in July 2020, the company paid $1.8 billion for Optimal Blue, just weeks after it went up for sale. The company’s integration combined Optimal Blue’s PPE capabilities into its offerings and analytics engine.
The mortgage tech space is rapidly becoming a crowded one. Black Knight and ICE Mortgage Technology (formerly known as Ellie Mae) remain the two market leaders, but a slew of well-capitalized startups are nipping at their heels. Blend, a lending platform primarily for mortgage companies, went public in July. The company went public at a $4.6 billion valuation, largely on the belief that it can snag marketshare from the two entrenched powers and expand into other lines of business.