- Exchange platform offers 24/7 accessibility with exceptional reliability to order a broad range of origination fulfillment services, including credit, appraisal/AVM, title, close, mortgage insurance and flood.
- Implementing Exchange is expected to help Bank of the West reduce vendor management risk, while increasing efficiency.
- Exchange can be accessed via a web portal or through integration with a lender’s loan origination system.
- Bank of the West will gain access to Black Knight’s innovative, online Exchange platform that connects more than 25,000 mortgage industry service providers.
JACKSONVILLE, Fla., March 15, 2018 (GLOBE NEWSWIRE) — Black Knight, Inc. (NYSE:BKI) announced today that Bank of the West, a financial services company headquartered in San Francisco, will expand its use of LoanSphere Exchange. The bank currently uses Exchange to place title insurance orders and will now facilitate the ordering and tracking of appraisals through the system. Exchange is Black Knight’s innovative open technology platform that provides integration, data management, decisioning support and workflow management through a 24/7 data exchange.
Exchange electronically connects lenders with more than 25,000 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 online platform offers event-based workflow and document services, including secure delivery, indexing and data extraction (OCR). Exchange can be accessed through a web portal or direct integration with a lender’s loan origination system.
|“Through this technology, we seek to centralize third-party providers and streamline the transaction processes with them … By using Black Knight’s Exchange technology, we expect to increase automation, improve order tracking and mitigate vendor management risk.”|
Executive Vice President and Head of Consumer Real Estate Services, Bank of the West
“We are pleased to expand our support of Bank of the West to help further streamline its mortgage origination process,” said Tom Peterson, president of Black Knight’s Lending Solutions division. “Exchange will standardize the user experience for all providers involved and help the bank reduce risk with the platform’s proven ability to support title and appraisal order management.”
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.
As a leading fintech, 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.