MReport October 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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6 | TH E M R EP O RT MTECH lenders, and investors." VirPack simplifies virtual docu- ment management for the lending industry by providing user-centric solutions for loan file manage- ment, e-delivery, and file indexing with full text OCR to signifi- cantly increase productivity and modernize business operations. "VirPack is pleased to strengthen our partnership with DocMagic," said Wayland Pond, COO at VirPack. "The integration results in more secure document exchange and alleviates manual processes by leveraging eSignature and eClosing technology. This partnership further underscores our commitment to modernizing mortgage lending workflows. Our technology focuses on improving operations by limiting manual intervention, reducing operational overhead and oversight, and in- creasing loan transparency." Enhancing the Application and Approval Process BLACK KNIGHT INTRODUCES A NEW DIGITAL ORIGINATION SUITE. B lack Knight, Inc., a provider of integrated software, data, and ana- lytics to the mortgage and real estate industries, announced the launch of two new digital solutions to advance the loan application and approval process for both consumers and loan of- ficers. The suite of user-centric, responsive web-designed solu- tions includes Borrower Digital and LO Digital. Borrower Digi- tal simplifies the loan applica- tion process by leveraging Black Knight's artificial intelligence capabilities at the point of sale and throughout the approval process, while LO Digital gives loan officers the ability to pro- vide superior support to their customers anytime, anywhere. "The past six months have clearly demonstrated the need to be able to work from anywhere. LO Digital now brings that ability to loan officers everywhere," said Rich Gagliano, President of Black Knight Origination Technologies. "Combined with the intuitive functionality the Borrower Digital application brings to the customer experience, Black Knight has further transformed, streamlined, and simplified the loan prequalifi- cation and application process for everyone involved." Borrower Digital guides the homebuyer through the prequalifi- cation, preapproval, and refinance process via a simple, intuitive Q&A format, validating data and documents along the way. Its automated workflow alerts the homebuyer about immediate next steps, providing a self-guided process for the customer. AIVA, Black Knight's artificial intelli- gence solution, helps the borrower upload identification and other supporting documentation, while assessing whether the appropri- ate documents were received. Information is routed from the consumer to the loan origination system and vice versa, with AIVA providing near-real-time feedback. LO Digital is designed specifi- cally for loan officers to manage the details of each application through an intuitive dashboard, allowing them to easily lead the homebuyer throughout the mortgage application process, respond to borrower questions along the way, and view the same information the borrower sees. The solution also provides a single application for loan officers to access loan products, pricing, pipeline, rate-locking, loan status, and automated third-party service orders. With its tight integration to Black Knight's Empower loan origination system (LOS), loan officers can work within the LO Digital application from any mobile device, while simultane- ously updating the loan informa- tion in Empower, eliminating the need to rekey data and confirm- ing data integrity and consistency from the beginning of the loan process. Ultimately, all informa- tion gathered in LO Digital and updated in Empower can be seamlessly transferred to the MSP servicing system at loan boarding and integrated with Black Knight's consumer-facing Servicing Digital solution. "Black Knight is leveraging the power of innovative and integrated technologies to not only simplify the mortgage application and ap- proval process, but to improve upon it for both the consumer and the loan officer," Gagliano continued. "By bringing anytime-anywhere functionality to loan officers and giving them a real-time view into the consumer's application process, our digital originations suite can help our clients gain a competitive edge by providing extraordinary customer service and a superior mortgage experience." Expanding Services to Assist Servicer Strain A LTISOURCE ANNOUNCED ADDITIONAL SERVICES DESIGNED TO HELP BANKS WITH THE MASSIVE INCREASE OF BORROWER INQUIRIES CENTERED AROUND COVID-19. A ltisource Portfolio Solu- tions, an integrated service provider and marketplace for the real estate and mortgage industries, announced it has ex- panded its Texas-based operations center to better service financial institutions in the wake of an unprecedented surge of mortgage- related calls from homeowners. Current moratoriums and forbear- ance plans are benefitting borrow- ers facing economic uncertainty and unemployment but creating customer service challenges for banks and servicers. Recognizing an immediate industry need for expanded capac- ity management, Altisource added new highly trained single point of contact (SPOC) representatives to its operations center in El Paso, Texas. The company now offers expanded expertise and strategic client-centric auxiliary business services support for clients who need it. Altisource's SPOC call agents integrate seamless- ly with clients' own services. They then act as brand representatives as they handle inbound and outbound loss mitigation inquires, focusing on forbearance, repayment and loan modifications, routed through the Altisource facility. Altisource's auxiliary business center solutions are scalable and customized so clients have access to any number of skilled, expe- rienced, bilingual associates they need to meet fluctuating demands. Not only can the company help its clients handle thousands of calls more efficiently and improve customer service, it can also help them reduce the fixed costs of constantly scaling their workforce. "Using our vast experience, specialized knowledge and com- petitive pricing, we've been helping mortgage clients serve customers better since 2009," Altisource VP of Enterprise Sales and Business Development Robert W. McKinley said. "Our short-term goal is to help them control the heavy call surge by acting as a 'surge protec- tor.' The long-term objective is to continue working with them and other clients after the pandemic to help operate more efficiently. We want to build a lasting relationship and become a trusted source." "The past six months have clearly demonstrated the need to be able to work from anywhere." —Rich Gagliano, President, Black Knight Origination Technologies

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