Florida-based Black Knight Inc., a software, data, and analytics solutions provider for the mortgage and real estate industry, announced on Monday that the first phase of its new solution LoanSphere Expedite Close would be available this year. The solution provides an electronic closing fulfillment process, enabling seamless and secure online interactions between the real estate agent, lender, settlement agent, and consumer from contract through the closing.
“In a real estate transaction process, roughly a third of real estate transactions don’t even involve a loan. [Expedite Close] is a little different from its peers in that we are looking to bring together all participants of a transaction, be it the consumer, the realtor, the broker, the settlement agent or closer, and all the way through the investor and servicer,” Andy Crisenbery, SVP and Managing Director of Black Knight’s Lending Solutions Division told MReport.
The solution includes enhanced workflow and decisioning capabilities as well as increased automation to support the full closing process. It provides a common workspace for all the participants of a transaction and allows the data and supplementing artefacts to follow along each particular of the transaction. “We allow access to the workspace to either read data and documents out or to provide data and documents directly from source systems, depending upon who that person is in that transaction,” said Crisenbery.
Expedite Close is capable of integrating with existing systems and technologies to enhance and streamline them. “We are not looking to change the technology that already may be in place. Instead, we are looking to integrate those technologies together so that all parties have an agnostic view or approach to access the data,” Crisenbery explained. “For example, in case of a lending transaction, if the lender already has an established consumer portal then that consumer portal can have access to the data and document artefacts in the system through Expedite Close.”
The first phase of the solution will be available in Q12018. “We already have obligations and commitments to provide the first phase, that is the Hybrid Close, in the first quarter of 2018. Our future phases to extend these partnerships and include vendor capabilities will be in place by Q2 and Q3 of 2018,” Crisenbery said.