Black Knight Announces Underwriter Assist Digital Solution, Leverages Machine-Learning Tools From AWS
- Black Knight is applying its mortgage-specific technology and expertise, leveraging AWS capabilities as it creates and integrates complete, cloud-based solutions for the industry
- Using AWS for data extraction and Black Knight machine-learning models to handle mortgage-specific classification and extraction, Underwriter Assist’s AI-enhanced automation and advanced decisioning capabilities quickly and efficiently review loan package documents
- With an easy-to-use digital interface, Underwriter Assist removes manual review from the workflow to improve efficiency and support effective decisioning by underwriters who remain integral to the process
- Black Knight has leveraged the power of AWS for many of Black Knight’s groundbreaking digital mortgage solutions in recent years, including Customer Service, Borrower Digital, Seller Digital, Expedite Close and the Rapid Analytics Platform
JACKSONVILLE, Fla. – July 20, 2021 – Today, Black Knight, Inc. (NYSE:BKI), an award-winning provider of software, data, and analytics to the mortgage, real estate, and capital markets verticals, announced Underwriter Assist, the latest AI-powered mortgage solution developed by Black Knight running on Amazon Web Services, Inc. (AWS). Underwriter Assist improves operational efficiency and productivity by automating many “stare and compare” tasks traditionally involved in underwriting, a critical component of the loan origination process.
“We’ve been collaborating with AWS since 2018, leveraging its robust services as we continue to innovate comprehensive solutions for the mortgage industry,” said Rich Gagliano, president, Black Knight Origination Technologies. “Combined with our many decades of industry, process and development expertise, these tools are helping us to create the next generation of mortgage-specific AI solutions. As a result, Underwriter Assist is able to deliver exceptionally high levels of automation to help address the underwriting quality and productivity problems facing lenders today.”
Incomplete loan packages, missing data, and the discovery of additional documentation requirements during the underwriting process often create more work and slow the process down, resulting in fewer loans reviewed by underwriters and added lender costs. Longer timelines also mean less satisfied customers, while a burdensome workload equals less satisfied underwriters. By removing the heavy burden of repetitive tasks off the underwriter’s plate, Underwriter Assist helps more loans to be processed each day, while supporting increased borrower satisfaction and improved underwriter retention.
“AWS’s extensive portfolio of cloud services help leading fintech providers like Black Knight to rapidly innovate new services to improve customer experiences,” said Frank Fallon, vice president of Financial Services at AWS. “Black Knight is transforming the day-to-day for lenders using advanced machine learning services like Amazon Textract to increase productivity, drive operational efficiency, and reduce costs. By running on AWS, Black Knight continues to position itself as the leader in the mortgage industry, improving processes, accuracy, and overall customer satisfaction backed by the reliability, security, and performance of one of the world’s leading cloud.”
To deliver robust automation and a dynamic underwriting workflow, Underwriter Assist uses Amazon Textract and Black Knight’s algorithms and models for data extraction; Black Knight’s machine-learning technology for document identification and classification; and a configurable rules engine based on technology used in Black Knight’s award-winning Empower loan origination system. The underwriter – always integral to the process – can review results, adjust analyses and request additional documents and information if necessary. From document recognition and data extraction to the analysis of a borrower’s income, assets, and property appraisal, Underwriter Assist delivers a rich set of analysis tools and dynamic workflow that enable underwriters to focus on complex decisioning, provide superior service and determine the ultimate lending decision.
“Black Knight’s vision for AI and machine learning in the mortgage industry is broad and far-reaching – and demands the most powerful and flexible tools available,” Gagliano continued. “As we’ve moved forward on our mission to transform the mortgage industry through technological innovation, AWS has proven invaluable to our efforts. Underwriter Assist is a perfect example: an innovative, configurable and easy-to-use solution that helps underwriters elevate their performance and satisfaction and optimize the service they provide borrowers.”
Black Knight has applied mortgage-specific technology, intellectual property and expertise to AWS services to create complete solutions for the industry. Over the last several years, as the company has continually and aggressively increased its pace of innovation, Black Knight has also harnessed the power of the AWS Cloud for many of its new digital suite of mortgage solutions, including its Seller Digital, Loan Officer Digital, and Expedite Close offerings. On the servicing side, Black Knight’s Servicing Technologies division recently deployed the company’s next-generation Customer Service solution to the cloud. Likewise, the company’s Rapid Analytics Platform relies upon the massive compute power and storage capabilities afforded by AWS.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serving their customers. For more information on Black Knight, please visit BlackKnightInc.com.