Innovation is often a loaded term that can mean a multitude of benefits for end users, but innovation on a microlevel is an understanding of a smaller industry challenge and allocating resources to solve it. Given COVID-19’s impact on the mortgage-banking industry and the high volume of borrowers in need of assistance with their mortgages, it is a perfect time to pivot and provide new capabilities to help loan officers enhance the customer experience.
In the pricing engine world, that innovation means taking a closer look at the tasks surrounding quotes and offering functionality to help clients deliver accurate pricing and products to their customers based on current market information.
One way we’ve enhanced Black Knight’s Compass solution suite is by expanding the use of “stateless processing” in our integration technology, CompassBridgeSM. Stateless processing is a development architecture that is optimized for low-resource and high-performance execution, which means Compass’ integration technology is faster and more lightweight than ever before. Like the allure of the LED lightbulb, stateless processing has a reputation of leaving a light footprint. It’s quick, and that lightning-speed programming back and forth between systems will help clients service their customers with minimal latency.
The second way we are innovating the Compass product suite is by expanding the use of microservices, or tasks within the applications. For example, running a search within CompassPPESM is a larger task with a subset of smaller tasks that help complete that search. This behind-the-scenes work is enhanced thanks to microservices running each of the integral sub-tasks simultaneously, even with loan origination system (LOS) integrations. Processes also scale more effectively with microservices, removing task bottlenecks. By expanding microservices to all of the Compass products, we can deploy additional resources where necessary to help keep tasks moving – delivering greater efficiencies.
The industry needs continuous innovation, and these enhancements to Black Knight’s suite of Compass solutions provide the speed, simplicity and scalability that our clients need to drive optimal performance. When things run faster and more efficiently, lenders can reduce turn times and customers wait less to learn about the loan possibilities available to them. When the market took a hit during the pandemic, many lenders were not prepared to handle the extra volumes and recapture opportunities. That’s where scalability comes into play. By expanding on the use of RESTFUL APIs and microservices built into the application, clients have the capability to handle increases in demand confidently and enhance the customer experience.
Learn how you can further maximize your production operations with advanced capabilities now offered within Compass’ solution suite. These enhancements to help ease the exchange of information between the Compass applications and the LOS can help lenders deliver unprecedented speed to their customers.