- Gateway First Bank is using Black Knight’s Ernst Fee Service, including its fee monitoring service, to help reduce risk and enhance the consumer experience
- Ernst Fee Service is used by lenders to minimize costly fee cures by providing recording fees, transfer taxes, property tax, title, settlement and inspection data
- Gateway First Bank will also customize its use of the service to manage its own proprietary fee data, while automating the exposing of fees and fee changes
- The solution manages all third-party vendor fees required on the Loan Estimate and Closing Disclosure
- In addition, the solution’s monitoring service automatically recalculates values if there has been a fee increase due to a change in circumstance that allows for a revised loan estimate
JACKSONVILLE, Fla. – Aug. 19, 2019 – Black Knight, Inc. (NYSE:BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced Gateway First Bank, one of the 10 largest banks by assets in the State of Oklahoma and one of the largest mortgage bank operations in the United States, which also operates under the name “Gateway Mortgage Group,” now uses Black Knight’s Ernst Fee Service. This award-winning enterprise solution provides lenders and settlement agents with accurate recording fees and taxes to assist a lender with its TRID compliance efforts. Gateway First Bank will use the fee and monitoring service to help mitigate risk associated with fee cures and enhance the consumer experience.
“We needed a trusted provider that could automate our fee and closing cost data to help us more accurately disclose fees to customers,” said Whitney Barth, Vice President, Product Development Management for Gateway First Bank. “Fees frequently change during the loan process, and Black Knight’s Ernst Fee Service lets us provide our customers with accurate fees based on the closing date and automatically update those fees within our loan origination system.”
Ernst Fee Service is used by lenders to minimize costly fee cures by providing accurate recording fees, transfer taxes, property tax, title, settlement and inspection data. This enterprise-wide solution provides all relevant third-party vendor fees that are required on the Loan Estimate and Closing Disclosure. Gateway Mortgage Group will further customize its use of Ernst Fee Service to manage its own proprietary fee data, while exposing fees and fee changes in a more automated way.
Additionally, Ernst Fee Service’s patented monitoring service will automatically recalculate loan values, alert the lender and update the loan origination system if there has been a fee increase due to a changed circumstance that allows for a revised loan estimate.
“We are pleased to support Gateway First Bank with advanced capabilities that will help improve the accuracy of disclosures and better prevent fee cures,” said Rich Gagliano, President, Black Knight Origination Technologies. “Black Knight’s passion for accuracy carries through everything we do, and our fee service is no exception. We’re committed to providing our clients with the most accurate closing costs so that they can provide the best customer experience.”
About Gateway First Bank
Gateway First Bank is one of the ten largest banks in Oklahoma and offers a full suite of banking services. Founded in 2000 and headquartered in Jenks, Okla., Gateway has over 1,200 employees in five banking centers, over 160 mortgage centers nationwide and currently services $17 billion in residential mortgages. For more information about Gateway, visit www.GatewayLoan.com. Gateway First Bank. Member FDIC, Equal Housing Lender (NMLS 7233).
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 life cycle.
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.