Today, Black Knight, provider of software, data, and analytics to the mortgage, real estate, and capital markets, announced Underwriter Assist, the latest AI-powered mortgage solution developed by Black Knight running on (AWS). Underwriter Assist improves operational efficiency and productivity by automating many "stare and compare" tasks traditionally involved in underwriting, a critical component of the loan origination process, Black Knight announced via a press release.
"We've been collaborating with AWS since 2018, leveraging its robust services as we continue to innovate comprehensive solutions for the mortgage industry," said Rich Gagliano, President, Black Knight Origination Technologies. "Combined with our many decades of industry, process and development expertise, these tools are helping us to create the next generation of mortgage-specific AI solutions. As a result, Underwriter Assist is able to deliver exceptionally high levels of automation to help address the underwriting quality and productivity problems facing lenders today."
According to Black Knight, incomplete loan packages, missing data, and the discovery of additional documentation requirements during the underwriting process often create more work and slow the process down, resulting in fewer loans reviewed by underwriters and added lender costs. Longer timelines also mean less satisfied customers, they say, while a burdensome workload equals less satisfied underwriters. By removing the heavy burden of repetitive tasks off the underwriter's plate, Underwriter Assist helps more loans to be processed each day, while supporting increased borrower satisfaction and improved underwriter retention.
"AWS's extensive portfolio of cloud services help leading fintech providers like Black Knight to rapidly innovate new services to improve customer experiences," said Frank Fallon, VP of Financial Services at AWS. "Black Knight is transforming the day-to-day for lenders using advanced machine learning services like Amazon Textract to increase productivity, drive operational efficiency, and reduce costs. By running on AWS, Black Knight continues to position itself as the leader in the mortgage industry, improving processes, accuracy, and overall customer satisfaction backed by the reliability, security, and performance of one of the world's leading cloud."
To deliver robust automation and a dynamic underwriting workflow, Underwriter Assist uses Amazon Textract and Black Knight's algorithms and models for data extraction. The underwriter—always integral to the process—can review results, adjust analyses and request additional documents and information if necessary. From document recognition and data extraction to the analysis of a borrower's income, assets, and property appraisal, Underwriter Assist delivers a rich set of analysis tools and dynamic workflow that enable underwriters to focus on complex decisioning, provide superior service and determine the ultimate lending decision.
"Black Knight's vision for AI and machine learning in the mortgage industry is broad and far-reaching – and demands the most powerful and flexible tools available," Gagliano continued. "As we've moved forward on our mission to transform the mortgage industry through technological innovation, AWS has proven invaluable to our efforts. Underwriter Assist is a perfect example: an innovative, configurable and easy-to-use solution that helps underwriters elevate their performance and satisfaction and optimize the service they provide borrowers."