TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/883125
4 | TH E M R EP O RT MTECH Black Knight Strikes Out On Its Own THE ENTERPRISE MOVES FORWARD AS AN INDEPENDENT COMPANY, SPORTING A NEW NAME BUT RETAINING ITS LASER-SHARP CUSTOMER COMMITMENT. B lack Knight Financial Services, Inc., a software and data analytics com- pany, reported that it would be rebranding as Black Knight. According to the company, the name change is, "effective upon the completion of the previously announced distribution by Fidelity National Financial, Inc., (FNF) of its equity interest in Black Knight Financial Services, Inc." Bill Foley, Black Knight Executive Chairman, stated that the company is ready to move forward as an independent corporation. "Strategically, Black Knight will remain laser-focused on delivering our software and data and analytics capabilities through our integrated platforms and developing innovative solutions that help our clients solve their most significant challenges and further our leadership in the industry," Foley said. In addition, Black Knight CEO Tom Sanzone said that the com - pany has "a long and proud history of success, as many of the leading financial institutions in the United States, including Wells Fargo, JPMorgan Chase, and many others, as well as leading real estate and capital markets participants, rely on Black Knight solutions." Sanzone continued, "As our cli - ents continue to search for ways to increase efficiency, enhance their operations, and reduce risk and compliance exposure, Black Knight remains the right company at the right time to offer solu - tions and insight to help them overcome these complex business and regulatory challenges and optimize performance." Chronos Offers Data Recently Excluded from Credit Reports THE COMPANY'S NEWLY AVAILABLE ADDENDUM PUTS LIENS AND JUDGMENT BACK IN BLACK AND WHITE. C hronos Solutions, a Cop- pell, Texas-based real estate financial services provider, announced a new offering aimed at providing lenders information that was recently removed from credit reports. Starting in July, national credit reporting agencies were no longer permitted to include liens and civil judgment data in their credit reports. The change came as the result of a civil action suit that claimed inclusion of lien and judgment data can wrongfully lower a consumer's credit score by up to 100 points. However, "liens and civil judgment records remain vital indicators of creditworthiness and the loss of them has increased lender exposure to risk," accord - ing to Chronos Solutions. The company set out to fill the void in lender information by of- fering a lien and judgment adden- dum to its Funding Suite Report. Lenders can purchase the ad- dendum as an add-on to Chronos' Funding Suite Report or as an independent purchase. "Now, without any connection to the consumer's credit scores, lend - ers—without having to research it manually—have access to the data they need to make a solid decision," Chronos stated with the announcement of its new product offering. Arch MI, OpenClose Offer Individualized MI Rates in Seconds SLOGGING THROUGH MANUAL PROCESSES WILL BE A TASK OF THE PAST, THE NEWLY UNITED COMPANIES SAY. A rch Mortgage Insurance Company and OpenClose announced an integra- tion aimed at providing "more competitive, sophisticated, and dynamic MI pricing solution than conventional rate sheets," accord- ing to Chris Hovey EVP and COO at Arch MI. Arch MI, the flagship private mortgage insurance provider of Greensboro, North Carolina- based Arch Capital Group, and West Palm Beach, Florida-based OpenClose, are collaborat - ing to offer Arch MI RateStar pricing information within the OpenClose LenderAssist loan origination system. "Put simply, this integration eliminates manual steps and allows our customers to tap Arch MI's RateStar solution to price mortgage insurance cover - age based on loan risk, which ultimately helps originators offer eligible borrowers the best pricing for their specific loan scenario," said Vince Furey, SVP of Lending Solutions at OpenClose. "Both OpenClose and Arch MI are committed to maximizing value Rebranding, Rebooting, Rebuilding If you blink, you'll miss it. The mortgage space is morphing at a fever pitch, with this month seeing name changes, cool IT tools, strategic alliances, stellar test results, and one company lending a humanitarian hand to homeowners hit hard by Harvey and Irma.