Black Knight’s Newest API Automates Bulk Bidding for Investors, Hedge Advisors and Lenders
- Black Knight’s new pricing and committing API helps investors automate bulk bids and commitments in the correspondent lending process
- This advanced API sets a new automation standard for correspondent buyer-seller interactions; it helps both investors and lenders achieve greater pricing accuracy, speed and transaction efficiency while extending daily pipeline marks to lenders
- Investors can benefit from greater scalability in correspondent lending operations with the ability to view, price and purchase loans from more sellers, all with greater accuracy and speed, resulting in an overall more efficient loan acquisition process
- The API is now integrated with CompassPoint, Black Knight’s risk management and loan sale platform, and the Resitrader loan trading solution, and is also available to other hedge advisors and technology providers
- For the first time, lenders can now access daily price indications for rate lock commitments and closed loans in their pipelines from participating investors who previously did not publish daily mandatory price models
JACKSONVILLE, Fla. – April 19, 2021 – Black Knight, Inc. (NYSE:BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, recently announced the launch of a new application programming interface (API) to help investors automate bulk transaction pricing and committing in the correspondent lending process. This represents another step forward in the company’s strategy to boost lender efficiencies and workflow automation by providing real-time access to advanced secondary marketing capabilities throughout the mortgage loan process.
The new pricing and committing API is now integrated with CompassPoint, Black Knight’s risk management and loan sale platform, which is used by hundreds of industry professionals to hedge, value and sell more than $1 trillion in mortgage originations annually. It is also available via Resitrader, Black Knight’s online loan trading platform, which connects investors to a large base of sellers through a secure, cloud-based environment. Additionally, other mortgage hedge advisors and technology providers can implement this scalable, loan-level API for the benefit of their own lender customers.
Simplifying the exchange of information between correspondent buyers and sellers engaged in bulk transaction bidding and committing, the API provides an automated mechanism through which data can be shared and loans can be priced. Lenders can also access daily price indications for rate-lock commitments and closed loans in their pipeline.
“Black Knight continues to expand its development of APIs to drive innovation where there are industry opportunities for automation and efficiency,” said Rob Kessel, managing director, Black Knight Secondary Marketing Technologies. “This API marks a new standard for correspondent buyer-seller interactions and processes by automating the exchange of data, which has historically been a very manual process. It also solves the daily price discovery problem so many correspondent sellers face.”
Backed by CompassPoint’s sophisticated pipeline valuation model, the Black Knight API helps investors achieve higher levels of pricing accuracy and margin detail. With the ability to view more bids from more sellers, priced with greater accuracy, investors benefit from a more efficient commitment process and greater scalability. This advanced integration also provides sellers with one of the most efficient commitment workflows available, increasing the ease of doing business with the investor.
“Black Knight remains committed to providing comprehensive solutions that support an end-to-end correspondent lending process,” said Kessel. “Combined with our capabilities in valuation and analytics, pipeline risk management, and hedge advisory solutions and services, this API offers another layer to our secondary marketing ecosystem, which creates more efficiencies for the growing correspondent market.”
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 serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.