Black Knight has rolled out a new consumer-focused application for mortgage servicers that enables borrowers to make mortgage payments anytime, via the device of their choice, as well as to explore various “what-if” scenarios around payment and refinance options, and receive notifications about their loans.
The new tool, LoanSphere Servicing Digital, uses data from the firm’s mortgage servicing platform, property records database, advanced analytics, and automated valuation models in order to provide borrowers with information that they can use to make more informed financial decisions related to their homes.
With the app, borrowers can access specific information about their mortgages, such as type of loan, interest rate and estimated PMI drop date. They can also make payments, view detailed payment history and perform other self-service functions.
Borrowers can also explore various “what-if” scenarios, including options for building equity more quickly or the relative benefits of paying down or refinancing their loan.
In addition, LoanSphere Servicing Digital provides up-to-date and valuable neighborhood information, such as recent sales, local school data and demographics, as well as transaction and lien history on the property.
“Our goal with LoanSphere Servicing Digital is to give our servicing clients an engaging, consumer-centric tool for customer retention,” explains Anthony Jabbour, CEO of Black Knight, in a release. “For many people, a house is the single greatest asset they’ll ever own. With that in mind, and employing a ‘design thinking’ approach, we’ve developed a solution that lets our clients provide their customers with ongoing, detailed information about their loans and homes, as well as the tools to help manage the wealth they have built in their homes.”
“Increasing engagement and providing tools that add value are key to deepening the servicer-customer relationship,” adds Joe Nackashi, president of Black Knight. “By providing anytime, anywhere access to an array of customer-specific information and functionality, LoanSphere Servicing Digital enhances the consumer’s servicing experience and adds value on an ongoing basis, which results in higher retention rates.”
The white-labeled solution can be branded to match the servicer’s brand identity, and will be offered as both a native mobile app and responsive Web design.