Black Knight makes stride towards fully digital mortgages
As the industry shuffles closer to completely digital mortgages, the next wave of technology aims to usher in total automation and uniformity.
Black Knight's latest enhancement takes a big stride in that direction. Expedite Close uses advanced intelligence and data recognition to instantly aggregate loan documents and creates live, searchable content ready for digital signatures. The product fully supports e-close, e-notary and e-sign, and the traditional wet-ink mortgage closings.
"Right now, mortgage closing requirements are inconsistent and inefficient across the country, and even from lender to lender, or agent to agent," Mike Brown, general manager of Black Knight's Lending Solutions division, said in a press release. "Expedite Close was designed to meet the challenges of today's closings, while delivering maximum benefit to our clients and their customers, and making the process — and implementation — as simple as possible."
The software and data provider's digital product determines the optimal way for loan closing based on lender preferences and jurisdictional requirements. It also fully audits the documents post-close. The growth of digital mortgage offerings improved customer satisfaction, but personalization is the next step, according to J.D. Power.
"Expedite Close was already a game-changer for e-closings by seamlessly supporting hybrid or fully digital processes while also making sure settlement agents, lenders, real estate agents, consumers and investors had what they needed without requiring changes to current practices or systems," Brown said.
"But now it takes e-closing to a whole new level with advanced intelligence capabilities that automatically determine and execute on the best way to close a loan, based upon lender preferences and what a given jurisdiction allows. This newest iteration of Expedite Close is yet another innovative solution Black Knight is bringing to market as we continue to help transform the industry," Brown continued.