Black Knight, which already facilitates much of the real estate transaction with its loan origination and servicing systems, is set to unveil an end-to-end digital mortgage solution that the company claims is well beyond all other eClosing or eMortgage platforms.
According to details provided by the company, LoanSphere Expedite Close is an advanced hybrid and full digital closing solution that supports data and document exchange, workflow and processes associated with real estate transactions.
The system Expedite Close provides an electronic closing fulfillment process, which enables online interactions between the real estate agent, lender, settlement agent and consumer from contract through closing and beyond.
In an interview, Andy Crisenberry, senior vice president and managing director of Black Knight’s Lending Solutions group, told HousingWire what sets LoanSphere Expedite Close apart is that it can work with the user’s existing systems and integrate with existing platforms.
“We’ve created a common workspace that rides along the real estate transaction all the way through,” Crisenberry said. “Everybody sees the same set of data through their systems. This is an agnostic solution for digital mortgages that allows the industry to use it as a utility within their existing business processes.”
When using Expedite Close, lenders, settlement agents and consumers can collaborate online, and either use their existing systems or utilize additional Black Knight solutions when needed.
Given that it’s a Black Knight product, the solution integrates with Black Knight’s LoanSphere Empower loan origination system and Black Knight’s LoanSphere MSP servicing system.
“What sets Expedite Close apart from other eClosing solutions is that it’s built to support the needs of all users – settlement agents, lenders, real estate agents, consumers and investors – providing them with the capabilities to do what they need to do, when they need to do it, in a way that doesn’t call for significant changes to current business processes,” said Tom Peterson, president, Black Knight’s Lending Solutions division.
“Because it does so in a way that is entirely ‘agnostic’ to existing platforms, this is more than a solution,” Peterson added. “With Expedite Close, Black Knight is building an industry utility.”
Peterson said that the goal of Expedite Close is to “streamline” the closing process and make it easier for all involved.
According to Black Knight, Expedite Close allows consumers to access a secure portal to review and sign all of their closing documentation online, or “wet sign” any specific documents that require a physical signature for jurisdictions that don’t accept electronic notarization yet.
A consumer can also choose to wet sign all documents in the closing package, if they want to. If this process is chosen, Expedite Close will provide the loan documentation to the settlement agent within the required timeframe, eliminating any document-fulfillment workflow gaps, Black Knight said.
“Today’s borrowers are accustomed to anywhere, anytime connectivity and the freedom to choose how they want to interact with businesses,” Peterson said. “Expedite Close gives them that freedom, and will help to advance the mortgage industry by making it possible for electronic fulfillment for closings to become the norm rather than the exception.”
Crisenberry said that a solution like this is important as the industry becomes more accepting of electronic mortgages and electronic mortgage closings.
“In the next two to three years, the vast majority of the transactions will take place in jurisdictions that are accepting of e-documentation, eMortgages, eClosings, etc.,” Crisenberry suggested. “The approach we’ve taken is to provide an agnostic solution to our providers and partners that allows users to normalize business operations.”
According to Black Knight, the first phase of LoanSphere Expedite Close will be available later this year.