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Tech, AI Being Used to Streamline Loan Originations

Black Knight, Inc., a provider of integrated software, data, and analytics to the mortgage and real estate industries, announced the launch of Digital Point of Sale, a new solution powered by artificial intelligence (AI) that is integrated with the Black Knight Empower loan origination system (LOS). 

Using AIVA, the company’s artificial intelligence virtual assistant, Black Knight’s Digital Point of Sale streamlines the origination process while simultaneously ensuring data integrity and consistency from the beginning.

“Leveraging AIVA’s skills, Digital Point of Sale guides the consumer through the steps of prequalification and then preapproval through a simple, intuitive Q&A format, validating data and documents along the way,” said Anthony Jabbour, CEO of Black Knight. “Collected data is then immediately available in Empower, streamlining the entire origination process—and providing a single source of truth. The result is an infinitely more efficient process, a significantly enhanced customer experience and increased data integrity and consistency for Empower users.”

Black Knight’s Digital Point of Sale solution simplifies the origination process and connects AIVA directly to the consumer. When potential borrowers upload identification and bank statements as part of the mortgage application process, AIVA can assess whether the appropriate documents were received and identify unusual transactions, such as large deposits. The solution’s ability to route information from the consumer to the LOS and vice versa, combined with AIVA providing near-real-time feedback, helps confirm that the lenders are working with the most accurate and comprehensive data possible. As AIVA develops deeper skills by consuming massive amounts of data, the Digital Point of Sale solution can leverage AIVA’s intelligence to permit smart, local, timely decisions.

Moving from pre-qualification to pre-approval and the full loan application, Digital Point of Sale seamlessly accesses existing Empower interfaces (credit, automated underwriting, MSP servicing system data and more) to further streamline the process, while reducing lender origination costs. Instead of duplicating the LOS functionality, Black Knight’s Digital Point of Sale leverages AI technology to enable agility and flexibility in the consumer’s application process.Ultimately, all of the information gathered in Digital Point of Sale contributes to the loan origination data, which is seamlessly transferred to the MSP servicing system at loan boarding and integrated with Black Knight’s consumer-facing Servicing Digital solution. Servicing Digital is a white-labeled mobile solution that enables servicers to provide their mortgage customers ongoing, detailed information about their loan, home and neighborhood.

“At Black Knight, we are laser-focused on innovating with a sense of urgency,” Jabbour said. “Our new Digital Point of Sale solution is just the latest example of Black Knight successfully executing on that mission. 

“Seamlessly integrating AIVA with Empower helps create a truly seamless origination process. With AIVA, Empower and all of the other digital solutions we’ve put into place, a single system of record can now meet the customer at the very beginning of the process, and carry them through to closing and beyond.”

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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