Black Knight Inc. has launched two new solutions – Borrower Digital and LO Digital – that are designed to improve the loan application and approval process for both consumers and loan officers.
Borrower Digital guides the home buyer through the prequalification, preapproval and refinance process via a simple, intuitive Q&A format, validating data and documents along the way. Its automated workflow alerts the home buyer about immediate next steps, providing a self-guided process for the customer.
AIVA, Black Knight’s artificial intelligence solution, helps the borrower upload identification and other supporting documentation, while assessing whether the appropriate documents were received. Information is routed from the consumer to the loan origination system and vice versa, with AIVA providing near-real-time feedback.
LO Digital is designed specifically for loan officers to manage the details of each application through an intuitive dashboard, allowing them to easily lead the home buyer throughout the mortgage application process, respond to borrower questions, and view the same information the borrower sees. The solution also provides a single application for loan officers to access loan products, pricing, pipeline, rate-locking, loan status and automated third-party service orders.
With its integration to Black Knight’s Empower loan origination system (LOS), loan officers can work within the LO Digital application from any mobile device while simultaneously updating the loan information in Empower, eliminating the need to rekey data and confirming data integrity and consistency from the beginning of the loan process. Ultimately, all information gathered in LO Digital and updated in Empower can be seamlessly transferred to the MSP servicing system at loan boarding and integrated with Black Knight’s consumer-facing Servicing Digital solution.