Lenders have come to appreciate the benefits technology can bring – but those benefits are only useful if the implementation of new tools doesn’t make the loan process more complicated. Many mortgage lenders want to reduce the work involved with integrating third-party applications, as well as identify other ways to better streamline their operations and improve the customer experience.
To address these lender needs, Black Knight developed Borrower Digital – a point-of-sale solution that delivers a single, fully integrated and customer-facing mortgage loan application solution. Borrower Digital streamlines and simplifies the loan application process for the borrower by guiding them through the prequalification, pre-approval and refinance processes.
Once a consumer finds a home and engages with a lender, Borrower Digital walks the borrower through the loan application process, which is based on each lender’s configurations and is accessible via a responsive mobile design or dynamic web application.
Borrowers can continue to use Borrower Digital to track their application process, as well as communicate with their loan officer, helping to reduce processing delays and enhance the overall mortgage loan experience.
Additionally, the solution leverages artificial intelligence (AI) to guide borrowers through the mortgage application process. Borrowers can upload identification and other supporting documents, and Borrower Digital identifies that the appropriate documents are received – saving valuable time for lenders. Information is routed from the borrower to the loan origination system and vice versa, with the solution providing prompt feedback. Borrower Digital also includes integrations with a leading product and pricing engine and Empower, Black Knight’s comprehensive loan origination system (LOS).
Borrower Digital was designed based on specific borrower personas and scenarios. Only relevant information is required, which helps streamline processing and improve the experience. The solution validates both data and documents and alerts the borrower of immediate next steps, which helps reduce cycle times and back-and-forth between the borrower and their loan officer.
“Black Knight is leveraging the power of innovative and integrated technologies to not only simplify the mortgage application and approval process for borrowers, but to also improve the backend process for loan officers too,” said Rich Gagliano, president of Origination Technologies at Black Knight. “With a quick implementation process and pre-configured connectivity with the LOS, Borrower Digital is helping lenders gain a competitive edge by providing superior mortgage experience for their customers.”
The product is complemented by Loan Officer Digital, Black Knight’s digital platform which is designed specifically for loan officers (LOs) to manage the details of each application. With an intuitive dashboard and on-the-go design, Loan Officer Digital enables LOs to easily lead the consumer through the mortgage application process and respond to borrower questions. The combination of these powerful technologies provides an enhanced experience for borrowers throughout the mortgage loan application process.
“Borrower Digital’s robust self-service functionality, advanced automation capabilities and seamless integrations result in an unmatched consumer experience from start to finish,” Gagliano said.
Anthony Jabbour, Chairman and CEO
Anthony Jabbour leads the company’s overall vision and direction to provide Black Knight’s premier solutions and services for many of the nation’s largest lenders and servicers.
Joe Nackashi, President, Black Knight
Joe Nackashi provides overall strategic direction for Black Knight’s operating groups to maintain a laser focus on clients and deliver the solutions that help them achieve greater success.
Rich Gagliano, President, Origination Technologies
Rich Gagliano is responsible for the overall strategy and product direction of Black Knight Origination Technologies.
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