Black Knight Signs Agreement with Citi to Implement Black Knight LoanSphere Origination Solutions, Including the Empower Loa...
January 08 2018 - 10:30AM
Black Knight, Inc. (NYSE:BKI) announced today that it has
signed an agreement with Citibank, N.A., a subsidiary of Citigroup
Inc., to implement Black Knight’s suite of mortgage origination
solutions, including the LoanSphere Empower loan origination system
(LOS), in the U.S. Black Knight’s comprehensive Empower LOS
supports the retail, wholesale and consumer-direct lending channels
by helping lenders electronically capture, process, underwrite and
close loans.
“We are pleased to work with Black Knight, a best-in-class
provider, to deliver a seamless digital home buying experience to
our clients,” said David Smith, head of Originations Operations for
CitiMortgage. “The advanced capabilities and scalability of Black
Knight’s Empower LOS will provide deep operational insight,
enhancing our focus on quality, efficiency, and risk
management.”
To support Citi’s origination requirements, Black Knight will be
adding correspondent lending capabilities to the system. The
enhancements will allow the Empower LOS to perform all
correspondent loan origination, delivery and purchasing activities
within the system – helping to standardize operations, enhance data
integrity and provide tools to streamline process and compliance.
The Empower LOS will also support correspondent lending functions,
such as loan registration, data and document integration, status,
and condition management and funding.
CitiMortgage will also use Web Application Programming
Interfaces (APIs) to access data and documents contained in the
Empower LOS to provide borrowers with an enhanced digital
experience. The Empower LOS features a task-based workflow
orchestration engine that automates the processes necessary to
originate a loan with a high level of efficiency. Along with the
Empower LOS, Citi will be using the following Black Knight
solutions, which are integrated with the LOS:
- LoanSphere Quality Insight – Comprehensive loan quality tool
that assesses loan data and document accuracy to help support
compliance with investor and lender requirements for
single-family-home loan salability.
- LoanSphere Data Hub – Collects, links and stores loan data from
client applications, Black Knight technologies and industry data in
a central location, helping lenders obtain operational and
compliance insights.
- LoanSphere Motivity – Enterprise business-intelligence tool
offering on-demand, dynamic reporting to help lenders and servicers
view detailed information about their operations, and proactively
monitor, measure and manage performance across the enterprise.
By using Black Knight software solutions across the mortgage
loan life cycle from origination through servicing, CitiMortgage
will be a Black Knight enterprise client. By gaining business
process automation, workflow, rules, and integrated data throughout
the loan process, Black Knight enterprise clients can help reduce
risk, improve efficiency and drive financial performance.
CitiMortgage will also have the option to leverage additional
solutions integrated within the Empower LOS, such as LoanSphere
Expedite and Black Knight Property Tax. LoanSphere Expedite, a
suite of services that enables consumers to electronically view and
access data and documents during the mortgage origination process,
includes an electronic closing network that helps lenders,
settlement agents and title underwriters to collaborate quickly,
easily and securely. Black Knight Property Tax is an on-demand
solution that delivers reliable tax estimates for properties
nationwide, helping lenders reduce the costs and challenges
associated with procuring property tax data; supports the entire
origination life cycle.
“As part of Black Knight’s commitment to innovation, we were
able to advance the Empower LOS’ capabilities to help Citi
streamline its loan processing through a single platform,” said
Rich Gagliano, president, Black Knight Origination Technologies.
“By enhancing the Empower LOS to accommodate all lending channels,
Citi can also better support the customer experience with one
convenient source for all lending functions -- from point-of-sale
to post-closing.”
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.
Clients that use multiple LoanSphere offerings, such as the
Empower and/or LendingSpace loan origination systems, Exchange and
MSP, are considered Black Knight enterprise clients and can realize
exponential value from the integration of these technologies, as
well as the utilization of Black Knight’s comprehensive data
and analytics.
About Black KnightBlack Knight
(NYSE:BKI) is a leading provider of integrated software, data and
analytics solutions that facilitate and automate many of the
business processes across the homeownership lifecycle.
Black Knight is committed to being a premier
business partner that clients rely on to achieve their
strategic goals, realize greater success and better serve their
customers by delivering best-in-class software, services and
insights with a relentless commitment to excellence, innovation,
integrity and leadership. For more information on Black Knight,
please visit www.blackknightinc.com.
For more information:
Media
contact:
Michelle
Kersch
904.854.5043
michelle.kersch@bkfs.com
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