Early Warning Suite Gives Lenders Edge During Disasters


Black Knight Inc. has released its new Early Warning Suite to help lenders identify and avoid closing on loans affected by natural disasters while enhancing performance management capabilities and improving communications with borrowers.

The company says the solution is available via Black Knight’s Actionable Intelligence Platform (AIP), which is integrated with its Empower loan origination system (LOS).

“Our new Early Warning Suite helps lenders respond faster to the impact of natural disasters on loans in their pipelines by giving them actionable analytics that drive better, more informed decisions,” says Rich Gagliano, president, Black Knight Origination Technologies. “The unique insights we deliver help prevent lenders from closing on loans for affected properties without further review, while at the same time helping build better relationships with borrowers by proactively letting them know where their loans stand.”

By defining an event or a pre-FEMA-declared disaster at the property address level, lenders can postpone the closing on a loan that has been affected by a disaster until further review has been conducted. Also, the ability to geocode and define boundaries of a disaster event as it moves or expands from day to day, as well as the ability to place a property address inside those boundaries, helps lenders stay ahead of federal disaster data.

Additionally, loan officers can be proactive and improve the borrower experience by communicating next steps for the impacted loan, such as a reappraisal or an inspection, if necessary.

Any affected addresses in the disaster area are updated daily and compared with the lender’s pipeline. If the lender is part of the Black Knight ecosystem, the disaster data is seamlessly written into the Empower LOS, so everyone working that loan at the lender has access to the same information.

“Lenders using the Early Warning Suite will benefit from cost savings by avoiding closing loans impacted by natural disasters,” Gagliano continued. “And, when lenders’ portfolios are linked with Empower, they will also further increase operational efficiency and be in a position to better serve their borrowers.”

Photo: NASA Goddard Photo and Video, licensed under CC BY 2.0

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