Black Knight has announced the first phase of LoanSphere Expedite Close will be available later this year. Expedite Close is an advanced hybrid and full digital closing solution that supports data and document exchange, workflow and processes associated with real estate transactions. Expedite Close provides an electronic closing fulfillment process, enabling seamless and secure online interactions between the real estate agent, lender, settlement agent and consumer from contract through closing.
Black Knight has developed Expedite Close with the end user in mind – creating a solution flexible enough to meet the unique process requirements and business needs of each participant along the way. “What sets Expedite Close apart from other eClosing solutions is that it’s built to support the needs of all users – settlement agents, lenders, real estate agents, consumers and investors – providing them with the capabilities to do what they need to do, when they need to do it, in a way that doesn’t call for significant changes to current business processes,” said Tom Peterson, president, Black Knight’s Lending Solutions division. “Because it does so in a way that is entirely ‘agnostic’ to existing platforms, this is more than a solution. With Expedite Close, Black Knight is building an industry utility.”
Leveraging Black Knight’s suite of integrated electronic signature and documentation fulfillment services, Expedite Close includes enhanced workflow and decisioning capabilities, as well as increased automation to support the full closing process. Lenders, settlement agents and consumers can securely collaborate online, and either use the solution with the portals, source systems and document providers they currently use, or integrate additional Black Knight solutions where needed. The solution tightly integrates with Black Knight’s LoanSphere Empower loan origination system and Black Knight’s industry-leading LoanSphere MSP servicing system.
Expedite Close will seamlessly support all consumer interaction and workflow fulfillment requirements. With this solution, consumers are able to access a secure portal to review and sign all of their closing documentation online, and “wet sign” any specific documents that require a physical signature for jurisdictions not yet accepting electronic notarization. A consumer can also choose to wet sign all documents in the closing package. If this process is chosen, Expedite Close will provide the loan documentation to the settlement agent within the required timeframe, eliminating any document fulfillment workflow gaps.
Expedite Close significantly enhances consumers’ experience by providing them with a more streamlined closing; the ability to review all necessary documents and update the loan’s status; and more control in the overall process. Lenders and settlement agents not only benefit from improved borrower satisfaction, but also from reduced risk and enhanced process efficiencies using their current processes.
“Our goal is to streamline the closing process,” said Peterson. “Today’s borrowers are accustomed to anywhere, anytime connectivity and the freedom to choose how they want to interact with businesses. Expedite Close gives them that freedom, and will help to advance the mortgage industry by making it possible for electronic fulfillment for closings to become the norm rather than the exception.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.