Black Knight Expands Relationship with Truist Mortgage for Origination and Servicing Technologies
JACKSONVILLE, Fla. – July 7, 2020 – Black Knight, Inc. (NYSE:BKI) announced today that Truist, the sixth largest commercial bank in the U.S. following the merger of BB&T and SunTrust, has signed an agreement to expand its use of Black Knight’s comprehensive suite of solutions across mortgage originations and servicing. This agreement includes renewals and expansions across the unified Truist enterprise of both the Empower loan origination system (LOS), LendingSpace correspondent lending system and the MSP mortgage servicing platform. The bank will also be expanding its use of Black Knight technology, data and analytics solutions to further help drive operational efficiency, while reducing costs and risk.
“As we integrate these two storied financial institutions into Truist, it is critical that our technology supports our growth objectives, allows us to become more efficient, reduces costs across our mortgage operations and assists with our compliance efforts,” said Todd Chamberlain, head of Truist Mortgage. “Both heritage companies had long-standing, strategic relationships with Black Knight, so supporting our operations by leveraging its innovative capabilities and benefitting from the continuous investments the company makes in technology made perfect sense. Black Knight’s fully integrated suite of solutions will prove invaluable in helping us provide our clients with a best-in-class experience and support our purpose of inspiring better lives and communities.”
As part of the new agreement with Black Knight, Truist will:
- Increase its use of the Black Knight MSP servicing system to support its mortgage servicing operations.
- Expand its use of Empower, Black Knight’s comprehensive loan origination system (LOS), to originate loans within its retail operations, and the LendingSpace platform to purchase loans in support of its correspondent channel.
- Use the Actionable Intelligence Platform (AIP), integrated with the Empower LOS, LendingSpace platform, and MSP system, for proactive, strategic and actionable insight into its mortgage pipeline in order to drive further efficiencies in the origination process.
- Implement several of Black Knight’s data and analytics solutions, including the AFT Prepayment and Credit Model, a competing risk model that forecasts prepayments, defaults and losses for mortgage-backed securities, whole loans and portfolios.
- Use Black Knight’s Tax for Closing Disclosure (TCD) to estimate property taxes, which will help streamline the company’s origination process and provide a better borrower experience.
“When BB&T and SunTrust merged, Truist had the opportunity to chart a course for the future of a combined enterprise that ranks among the largest banks in America,” said Joe Nackashi, president of Black Knight. “We are proud that Truist not only recognized Black Knight as the right partner for that future, but also expanded its use of our integrated suite of end-to-end mortgage solutions to help drive efficiency, reduce costs and improve client relationships. We look forward to extending our long-term collaborative relationship and benefitting from Truist’s forward-thinking approach and strategy.”
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.