JACKSONVILLE, Fla., July 11, 2022 - Black Knight, Inc. (NYSE:BKI), a leading provider of integrated software, data and analytics solutions, announced today it has combined the powerful analytics of its Actionable Intelligence Platform (AIP) with Ernst Fee Service data and the Empower LOS loan information to create the industry's first fee cure assessment tool integrated directly within the LOS workflow to help minimize mandatory 0% and 10% tolerance fee cures.
"As lenders struggle to maintain profit margins, fee cures are a preventable expense that can be addressed with better, more timely data," said Rich Gagliano, president of Black Knight Origination Technologies. "We have seen fee cures average hundreds of dollars per loan and over time, can add up to millions or even hundreds of millions of dollars at the portfolio level. Our new Fee Cures Suite allows lenders to identify trends, as well as drill down to loan-level data to reduce fee cures."
The AIP is a unified framework for analyzing data from multiple data sets to deliver strategic and actionable intelligence across the loan life cycle. It solves the industry challenge of leveraging "big data" from multiple, segmented databases to improve performance. Ernst Fee Service is used by lenders to minimize costly fee cures by providing accurate recording fees, transfer taxes, property tax, title, settlement, inspection data, and lender and appraisal fees. The new Fee Cures Suite combines these two industry-leading resources with LOS loan data into a powerful dashboard, allowing lenders to compare loan estimates with closing disclosure fees from closed loans, identify inconsistencies and implement checks and balances to increase efficiency and accuracy in helping mitigate future cures. Cures can be aggregated by the number and size of cures, as well as location (e.g., city, state, country), vendor, loan officer, loan type, fee type and more, to zero in on causes and facilitate timely corrective action.
"The integration of actionable intelligence and fee data in Empower is exactly the kind of innovation Black Knight has become known for," Gagliano continued. "By addressing lenders' urgent need for profitability and accountability in real time and at scale, the Fee Cures Suite helps lenders unlock previously inaccessible value in data they already work hard to collect and report."
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.
For more information:
Michelle Kersch
Mitch Cohen
Black Knight, Inc.
Black Knight, Inc.
904.854.5043
704.890.8158
michelle.kersch@bkfs.com
mitch.cohen@bkfs.com
SOURCE Black Knight, Inc.
