- New robotics capabilities facilitate automated processing of certain tasks without the need for human intervention
- Empower’s robotics capabilities help lenders improve operational efficiencies and loan cycle times, as well as reduce loan origination costs
- The robotics capabilities actively monitor the Empower loan origination system (LOS) for key data changes — or lack of necessary changes — and trigger automated or manual tasks that need to be completed based on configurable logic
- Empower is Black Knight’s comprehensive LOS, which supports the retail, consumer direct, wholesale and home equity channels
JACKSONVILLE, Fla. – Nov. 30, 2017 – Black Knight, Inc. (NYSE:BKI) announced today that it has added robotics capabilities to its LoanSphere Empower loan origination system (LOS) to help clients maximize automation and enhance overall operational efficiencies throughout the loan production process. Black Knight’s comprehensive Empower LOS supports the retail, wholesale, consumer direct and home equity channels, helping lenders electronically capture, process, underwrite and close loans.
The advanced robotics capabilities in Empower are designed to facilitate automated processing of certain tasks, based on the lender’s configuration, without the need for human intervention – often referred to as “lights-out processing.” This advanced technology actively monitors the LOS for key data changes – or lack of necessary changes – and triggers automated or manual tasks that need to be completed based on configurable logic, when appropriate.
The robotics functionality also triggers third-party service integrations, such as flood, appraisal and title, via lights-out processing, eliminating the need to manually perform many of the redundant tasks commonly required during loan fulfillment. For example, Empower can systematically order and review flood zone determinations, and based on predetermined rules, complete the evaluation task. If the subject property is not in a flood plain, then the evaluation task will automatically be checked off as completed, requiring no further action. If the subject property is in a flood plain, the system will alert the processor, and automatically prepare the borrower flood notification letter. The technology offers numerous other opportunities to deploy lights-out functionality.
“Empower’s robotics capabilities can provide significant benefits to lenders, including risk mitigation, since the advanced automation helps eliminate human errors,” said Rich Gagliano, president of Black Knight’s Origination Software division. “With robotics, more loans can be processed, enabling clients to scale their operations and lower the average origination cost per loan. Lenders can also benefit from decreased turn times and increased customer satisfaction because robotics can help lenders eliminate bottlenecks and speed up processes, creating an improved customer experience.”
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
Black 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.