Black Knight, Inc. announced that Bank of the West, a financial services company headquartered in San Francisco, will expand its use of LoanSphere Exchange. The bank currently uses Exchange to place title insurance orders and will now facilitate the ordering and tracking of appraisals through the system, the company announced in a release.
Exchange is Black Knight’s innovative open technology platform that provides integration, data management, support decisions and workflow management through a 24/7 data exchange.
The benefits of the Exchange platform include:
- Reliable 24/7 accessibility to order a broad range of origination fulfillment services, including credit, appraisal/AVM, title, close, mortgage insurance and flood insurance.
- Implementing Exchange is expected to help Bank of the West reduce vendor management risk, while increasing efficiency.
- Exchange can be accessed via a web portal or through integration with a lender’s loan origination system.
- Bank of the West will gain access to Black Knight’s innovative, online Exchange platform that connects more than 25,000 mortgage industry service providers.
Exchange electronically connects lenders with more than 25,000 of the mortgage industry’s service and solution providers. Through Exchange, the company said, 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 online platform offers event-based workflow and document services, including secure delivery, indexing and data extraction. Exchange can be accessed through a web portal or direct integration with a lender’s loan origination system.
“Through this technology, we seek to centralize third-party providers and streamline the transaction processes with them,” Jon Hicks, executive vice president and head of Consumer Real Estate Services, Bank of the West, said. “By using Black Knight’s Exchange technology, we expect to increase automation, improve order tracking and mitigate vendor management risk.”
“We are pleased to expand our support of Bank of the West to help further streamline its mortgage origination process,” Black Knight Lending Solutions Division President Tom Peterson said. “Exchange will standardize the user experience for all providers involved and help the bank reduce risk with the platform’s proven ability to support title and appraisal order management.”