Black Knight Financial Services, Inc. (BKFS) announced today that U.S. Bank, the fifth largest commercial bank in the United States, has signed an agreement to implement LoanSphere Exchange, an open technology platform that provides integration, data management, decisioning support and workflow management through a 24/7 data exchange.
Delivered by RealEC Technologies, a division of Black Knight, Exchange is an innovative, online platform that electronically connects lenders with more than 20,000 of the mortgage industry's service and solution providers. Through Exchange, lenders gain a fast, secure way to aggregate data and centralize ordering of settlement services, such as title, closing, appraisal, credit, flood, fraud, verifications, fees and more. The platform offers event-based workflow and document services, including secure delivery, indexing and data extraction (OCR).
"Exchange offers us one powerful centralized resource to facilitate connections with our individual service providers and to eliminate paper and manual processes," said Mike Oakes, EVP Retail Operations of U.S. Bank. "By using Black Knight's Exchange technology, we hope to increase our operational efficiency, improve milestone tracking and provide for a better borrower experience."
"We are pleased to help U.S. Bank further streamline its mortgage origination process, standardize the user experience for all providers involved and help the bank reduce risk with Exchange's proven ability to support investor loan-quality requirements," said Dan Sogorka, president of the RealEC Technologies division.
U.S Bank also uses Black Knight's industry-leading loan servicing system, LoanSphere MSP, a scalable, innovative, end-to-end system used by financial institutions to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. In addition to MSP, U.S. Bank uses several of Black Knight's LoanSphere default solutions, including Bankruptcy and Foreclosure, an enterprise workflow application to support the bankruptcy and foreclosure processes; and Invoicing, a Web-based solution that streamlines billing and invoicing. Both of these default solutions are integrated with MSP