Compliance testing can add significant time and cost to the loan origination process – but by integrating automated state and federal compliance checks with a mortgage lender’s loan origination system (LOS), loan-level testing can be simplified, thus reducing operational costs.
That’s the idea behind Black Knight’s Regulatory Assist, a centralized rules engine that enables clients to more easily and quickly perform a broad scope of both state and federal loan-level compliance validation tests.
The solution integrates directly with the Black Knight Empower LOS, as well as other loan origination platforms.
It is designed to help clients streamline the time-consuming compliance-testing process and make compliance validation easier and faster.
Using this new solution, clients will be able to run “lights-out” validations, based on the client’s configuration, with no manual intervention by leveraging the Empower Orchestration Engine, or run specific regulatory tests from a “Quick Select” screen.
The integration of Regulatory Assist with Empower incorporates client compliance testing directly into the origination workflow to create real-time tasks and loan conditions, Black Knight says in a release.
Regulatory Assist displays an overall risk level and other important messages to assist clients with understanding test results. The solution alerts the lender when actions may be required and supports on-the-go issue remediation.
Regulatory Assist offers configurability based on a client’s business needs.
For example, clients can change certain tolerance levels or remove tests if certain regulations do not apply. Test results are saved as a PDF and stored in the Empower document repository for future reference.
These results can also be viewed using Black Knight’s business intelligence dashboards enabling the client to drill down on the loan and view current activity, as well as review historical compliance testing results for additional insights.