To help mortgage lenders maximize operational efficiencies, Black Knight has added new robotics capabilities to its LoanSphere Empower loan origination system (LOS).
The company claims these new robotics capabilities automate the processing of certain tasks in the mortgage process that have traditionally required human intervention – often referred to as “lights-out processing.”
The advanced technology actively monitors the LOS for key data changes – or lack thereof – and triggers automated or manual tasks that need to be completed based on configurable logic, when appropriate, Black Knight says in a release.
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, Black Knight says.
These new robotics capabilities will not only help lender improve operational efficiencies and loan cycle times, but also help them reduce loan origination costs, the company says.