On November 30, Black Knight, Inc. announced that it has added robotics capabilities to its LoanSphere Empower loan origination system (LOS) to help clients maximize automation and enhance overall operational efficiencies throughout the loan production process. Black Knight’s comprehensive Empower LOS supports the retail, wholesale, consumer direct, and home equity channels, helping lenders electronically capture, process, underwrite, and close loans.
The advanced robotics capabilities in Empower are designed to facilitate automated processing of certain tasks, based on the lender’s configuration, without the need for human intervention—often referred to as “lights-out processing.” This advanced technology actively monitors the LOS for key data changes—or lack of necessary changes—and triggers automated or manual tasks that need to be completed based on configurable logic, when appropriate.
The robotics functionality also triggers third-party service integrations, such as flood, appraisal, and title, via lights-out processing, eliminating the need to manually perform many of the redundant tasks commonly required during loan fulfillment. For example, Empower can systematically order and review flood zone determinations, and based on predetermined rules, complete the evaluation task. If the subject property is not in a flood plain, then the evaluation task will automatically be checked off as completed, requiring no further action. If the subject property is in a flood plain, the system will alert the processor, and automatically prepare the borrower flood notification letter. The technology offers numerous other opportunities to deploy lights-out functionality.
“Empower’s robotics capabilities can provide significant benefits to lenders, including risk mitigation, since the advanced automation helps eliminate human errors,” said Rich Gagliano, President of Black Knight’s Origination Software division. “With robotics, more loans can be processed, enabling clients to scale their operations and lower the average origination cost per loan. Lenders can also benefit from decreased turn times and increased customer satisfaction because robotics can help lenders eliminate bottlenecks and speed up processes, creating an improved customer experience.”