JACKSONVILLE, Fla.,
Aug. 2, 2016 /PRNewswire/
-- Black Knight Financial Services, Inc. (NYSE: BKFS)
announced today that U.S. Bank, the fifth largest commercial bank
in the United States, has signed
an agreement to implement LoanSphere Exchange, an open technology
platform that provides integration, data management, decisioning
support and workflow management through a 24/7 data exchange.
Delivered by RealEC Technologies, a division of Black Knight,
Exchange is an innovative, online platform that electronically
connects lenders with more than 20,000 of the mortgage industry's
service and solution providers. Through Exchange, lenders gain a
fast, secure way to aggregate data and centralize ordering of
settlement services, such as title, closing, appraisal, credit,
flood, fraud, verifications, fees and more. The platform offers
event-based workflow and document services, including secure
delivery, indexing and data extraction (OCR).
"Exchange offers us one powerful centralized resource to
facilitate connections with our individual service providers and to
eliminate paper and manual processes," said Mike Oakes, EVP Retail Operations of U.S. Bank.
"By using Black Knight's Exchange technology, we hope to increase
our operational efficiency, improve milestone tracking and provide
for a better borrower experience."
"We are pleased to help U.S. Bank further streamline its
mortgage origination process, standardize the user experience for
all providers involved and help the bank reduce risk with
Exchange's proven ability to support investor loan-quality
requirements," said Dan Sogorka,
president of the RealEC Technologies division.
U.S Bank also uses Black Knight's industry-leading loan
servicing system, LoanSphere MSP, a scalable, innovative,
end-to-end system used by financial institutions to manage all
servicing processes, including loan setup and maintenance, escrow
administration, investor reporting, regulatory requirements and
more. In addition to MSP, U.S. Bank uses several of Black Knight's
LoanSphere default solutions, including Bankruptcy and Foreclosure,
an enterprise workflow application to support the bankruptcy and
foreclosure processes; and Invoicing, a Web-based solution that
streamlines billing and invoicing. Both of these default solutions
are integrated with MSP.
About U.S. Bank
U.S. Bancorp (NYSE: USB) with
$429 billion in assets as of
March 31, 2016, is the parent company
of U.S. Bank National Association, the fifth largest commercial
bank in the United States. The
company operates 3,129 banking offices in 25 states and 4,954 ATMs
and provides a comprehensive line of banking, investment, mortgage,
trust and payment services products to consumers, businesses and
institutions. Visit U.S. Bancorp on the web at www.usbank.com.
About LoanSphere
LoanSphere is Black Knight's
premier, end-to-end platform of integrated technology, data and
analytics supporting the entire mortgage and home equity loan
lifecycle – from origination to servicing to default. The platform
delivers business process automation, workflow, rules and
integrated data throughout the loan process, providing a better
user experience, cost savings and support for changing regulatory
requirements. By integrating lending functions and data, Black
Knight's LoanSphere helps lenders and servicers reduce risk,
improve efficiency and drive financial performance.
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity
National Financial (NYSE:FNF) company, is a leading provider of
integrated technology, data and analytics solutions that facilitate
and automate many of the business processes across the mortgage
lifecycle.
Black Knight Financial Services is committed to being a premier
business partner that lenders and servicers rely on to achieve
their strategic goals, realize greater success and better serve
their customers by delivering best-in-class technology, services
and insight with a relentless commitment to excellence, innovation,
integrity and leadership. For more information on Black Knight
Financial Services, please visit www.bkfs.com.
For more information:
Michelle Kersch
Black Knight Financial Services
904.854.5043
michelle.kersch@bkfs.com
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SOURCE Black Knight Financial Services, Inc.