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Helping Mortgage Lenders Solve Fee Cures

Helping Mortgage Lenders Solve Fee Cures

Real estate transaction fees change frequently across the U.S., creating pain points for lenders and exposing them to potential losses. According to data from Black Knight, these fee cures resulted in a staggering 20 percent average profit decline on real estate transactions during 2019.

These issues can stem from difficulties such as quoting accurate fees, meeting the three-day changed circumstance requirement and/or managing fee changes across multiple vendors. Fee changes by local jurisdictions – of which Black Knight processed over 16,500 in 2019 – make matters worse and strain lenders trying to keep up.

Black Knight offers comprehensive solutions to help lenders solve their unique fee-related obstacles. Using the award-winning Ernst Fee Service, which leverages Black Knight’s extensive data assets and anonymized lender data, lenders can greatly minimize losses during the closing process.

Collaborative Solutions for Your Lending Needs

Through web, XML, mobile and custom fee-engine technology integrated within the LOS, lenders can use Black Knight solutions to help minimize loan fee cures, support TRID compliance, increase efficiencies, improve processing times, provide a better buyer experience and reduce errors.

For example, by leveraging Black Knight’s vast data assets, and combining them with anonymized lender-contributed data, Black Knight can build a database of fee estimates that are difficult for lenders to obtain, such as HOA fees. Black Knight can also update fees for property tax values, view trending with title and settlement fee data, and identify fee behavior related to specific geographic areas and property types.

Some of these solutions include:

  • Ernst Fee Monitoring Service

    • This solution identifies which pipeline loans will be impacted by fee changes, then alerts the lender, recalculates the fees and provides updated quotes within 24 hours. For clients that use Empower, the process is automated within the processing workflow.
  • Smart Query Fee Calculators

    • With Smart Query, lenders can process multiple calculations simultaneously for recording fees and transfer taxes, property taxes, inspection services, title services, and enhanced fees. A date-forward feature enables clients to run calculations for a future closing, with guaranteed fee results.*
  • Settlement Agent Gateway

    • This web-based tool helps lenders manage fee changes from title and settlement providers, maintain existing title relationships, get direct access to agents’ fees, and populate Loan Estimate and Closing Disclosure forms in near real-time.

Start Streamlining Your Closing Fees Data Process

For more information about Black Knight’s current fee solutions, , please contact a Black Knight representative today.


*The applicable terms of the Ernst Fee Service Guarantee are pursuant to a written agreement and contain specific criteria for eligibility.