Black Knight, Inc. recently confirmed that the United States Patent and Trademark Office issued two U.S. patents for Black Knight innovation. One was in connection with Black Knight’s Data Hub technology and related innovations in understanding and utilizing data elements, Black Knight announced in a release.
The second was for asynchronous sensors technology, a process Black Knight developed for determining the accuracy of any document, such as an appraisal report. Both patents allow Black Knight a 20-year period of exclusivity to the technologies.
A Data as a Service (DaaS) solution designed to help lenders and servicers better manage their extensive data assets, the Data Hub is the foundational technology used to support the Black Knight Actionable Intelligence Platform (AIP), the release said.
By aggregating, storing and linking multiple data sources in one central, secure location, AIP leverages the Data Hub to produce actionable intelligence that helps mortgage lenders and servicers improve operations and compliance, grow their businesses and reduce processing time, costs and risk.
“The asynchronous technology pre-validates documents, checking for missing information to help aid reviewers and underwriters in the review of appraisal reports,” the company said. “Black Knight's technology-assisted appraisal review solutions use this to validate appraisals ordered and managed through Black Knight's Exchange technology.”
Additionally, Black Knight said the solution automatically conducts a quality control review to identify risks within appraisal reports. This review helps underwriters automate, standardize and simplify appraisal reviews without manual processing.
“These patents underscore the degree to which Black Knight’s innovation is helping to transform the mortgage industry,” Black Knight CEO Anthony Jabbour said in the release. “We continue to develop new and innovative solutions with a sense of urgency and a profound commitment to our clients and the industry at large.”