Black Knight Financial Services has introduced a new technology designed to verify fee quotes that are required for generating the multi-form Loan Estimate and Closing Disclosure. Located within the company’s LoanSphere Exchange platform, the aptly named Fee Service will automatically dispense fee quotes from all 50 states that are more up-to-date than internally maintained fee tables, thereby helping shrink the risk of using outdated and possibly erroneous resources. What’s more, Fee Service’s bona fides also include a tax solution that instantly supplies estimated property taxes using “sophisticated estimation methods,” the company notes.
“Black Knight is pleased to provide these innovative capabilities to improve the process of gathering fees needed and estimated taxes for the closing process,” said Jerry Halbrook, President of the Origination Technologies division of Black Knight Financial Services. “By delivering automated fee quotes, Fee Service helps to minimize tolerance violations, increase savings, and enhance the borrower experience.”
Fee Service is accessible through Black Knight’s Exchange, an open technology platform that provides integration, data management, decisioning support, and workflow management through an all-day, every-day data exchange that connects more than 25,000 of the mortgage industry’s service and solution providers.
“Maintaining and validating accurate loan-related fees from various settlement service providers across multiple counties and states is an immense challenge for lenders,” the company said. “Using Black Knight’s Fee Service to streamline this manually intensive process helps clients reduce overhead costs and provide borrowers with more accurate fee quotes throughout the loan process.”