Built, a provider of secure, cloud-based construction lending software, is being integrated with Black Knight’s LoanSphere platform. Black Knight is a provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle. The Built integration will provide digital management on any construction loan using loan data from Black Knight’s two core LoanSphere systems: the LoanSphere Empower loan origination system and the LoanSphere MSP servicing system.
Demand for construction loans has increased with owner-occupied products and renovation markets poised for continued growth. In the past, the administrative burdens of construction loans have been a significant barrier for many lenders because of the manual processes required for spreadsheets, phone calls, email threads and other loan-related communications. With the integration between Black Knight and Built, any construction loan can be digitally managed throughout the loan life cycle – from origination through servicing.
“We are excited to add Black Knight to our Strategic Alliance Network. Both Empower and MSP are industry-leading enterprise solutions, and this integration will provide a complete, seamless experience from loan origination through construction,” said Built President and CEO Chase Gilbert. “As construction lending heats up across the country, the timing of this integration couldn’t be better for the industry.”
LoanSphere is Black Knight’s end-to-end platform of integrated software, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements.
“Both lenders and servicers will benefit greatly from Built’s integration with LoanSphere, which connects lending functions and data to help clients reduce risk, improve efficiency, and drive financial performance,” said Black Knight President Joe Nackashi. “Built’s technology complements these capabilities by offering real-time data access to improve the overall experience between mortgage professionals, builders and their borrowers.”