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LOS Eyes Workflow And User Experience Updates

Wipro Gallagher Solutions (WGS), a Wipro Limited company, has released the latest version of its Loan Origination System (LOS), NetOxygen v5.1. “We are constantly updating our system to keep pace with the evolving industry landscape, while adding innovative efficiencies to enhance lenders’ speed, productivity and accuracy throughout the entire lending process,” said Scott Dunn, Head of Product Management and Compliance, Wipro Gallagher Solutions. NetOxygen v5.1 takes this agenda forward through many features that have been introduced in the LOS, that include:

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>>NetOxygen v5.1 provides a loan overview feature to offer users a bird’s eye view of various attributes of a loan in the form of a dashboard. It also provides users the ability to look at various conditions associated with the loan and indicates the category of a condition, when a condition is due and the status of the condition.

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>>As part of WGS’ continued focus to expand its list of service providers, it has added several interfaces to fully integrate with Fannie Mae’s Day One Certainty and help lenders process loans in a more automated and streamlined fashion, while enabling a quicker time to close.

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>>NetOxygen v5.1 offers several new self-service tools to enable lenders to perform certain configuration tasks by themselves, thereby boosting operational efficiency and reducing time to market. These features include product and pricing setup, conditions configuration, configurable fee matrices and a user management tool.

>>This version features a well-defined API that allows more seamless integration of third-party applications and several technology updates designed to enhance performance of operations and the user experience.

>>In addition to the system’s numerous workflow feature updates, the 5.1 version integrates a combined correspondent and wholesale portal to offer a more simplified experience pertaining to the processing of loans that originate from the correspondent and wholesale channels.

>>NetOxygen v5.1 Platform also supports the WGS SaaS offering which provides regional and mid- market lenders lower cost of entry, scalability and reduced time to market. NetOxygen’s SaaS offering will keep lenders up-to-date with upgrades and security patches while ensuring best-in-class system uptime.  It offers a pay-as-you-go variable cost model to help lenders reap the benefits of the platform without significant upfront investments. Clients on the SaaS offering will be able to take advantage of the all the powerful features of NetOxygen including multichannel support, self-service tools, and expanding partner ecosystem.

>>Finally, NetOxygen v5.1 fully complies with the latest industry regulatory changes. The expanded set of reportable fields as set out in HMDA 2018 is fully supported, and the new version incorporates changes to the format and number of fields within the HMDA Loan Application Register (LAR). This updated version is also fully compliant with the Uniform Closing Dataset (UCD) mandate, providing a common dataset for loan deliveries to Fannie Mae and Freddie Mac as part of the Consumer Financial Protection Bureau’s Closing Disclosure. Other compliance changes include Military Lending Act updates, Desktop Underwriter version 10.1 updates, a revised Cash Flow Analysis worksheet (Form 1084) and Single Housing Guaranteed Income Limits table updates.

“Our innovations are designed to not only meet the regulatory and workflow demands of our valued customers, but also give them a competitive edge to fuel future growth,” said Alok Bansal, Vice President and Business Head of Wipro Gallagher Solutions. “We are very excited about our SaaS offering that will substantially improve lenders’ efficiencies and help them drive digital transformation with the NetOxygen platform,” he added.

About The Author

Tony Garritano

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 tony@progressinlending.com.

Refinances Remain Ready Among Millennials

Refinances among Millennial borrowers regained their popularity in the fourth quarter of 2017, according to the latest Ellie Mae Millennial Tracker. December was the third straight month refinances accounted for 15 percent of all closed loans for Millennial borrowers – the highest percentage of refinances for this demographic since February 2017’s annual high of 17 percent. The percentage of closed purchase loans remained at 84 percent, decreasing from June 2017’s peak of 90 percent.

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Specifically, the percentage of Conventional refinances remained at 19 percent, holding steady since October, while FHA refinance loans stayed at six percent from the month prior. The percentage of Conventional purchase and FHA purchase loans also remained the same from November to December at 80 and 94 percent, respectively.

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“With seasonality and low inventory levels at the end of the year, Millennial borrowers continued to take advantage of refinance options during the fourth quarter,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “Many may have been driven by a desire to take advantage of low interest rates given uncertainty about potential rate hikes in the new year.”

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Other statistics of note for Millennial borrowers in December included:

>>The average 30-year note increased slightly from 4.18 in November to 4.22 in December, still lower than 2017’s highest monthly average of 4.34 in April.

>>The average time to close all loans held at 44 days in December.

>>Average time to close a refinance held at 45 days, while the time to close a purchase also remained flat at 42 days, the same since June 2017.

>>Average FICO scores for all closed loans fell one point from the month prior to 722.

The top Metropolitan Statistical Areas (MSAs) for Millennials by percentage of mortgage loans closed in December included Casper, Wyo. (71 percent), Williston, N.D. (63 percent), as well as Victoria, Texas and Mount Pleasant, Mich. (both 61 percent).

The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling of approximately 80 percent of all closed mortgages dating back to 2014 that were initiated on Ellie Mae’s Encompass mortgage management solution. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type.

Integration Streamlines Operations

US Real Estate Services, Inc. (USRES), a provider of REO asset management, default ancillary services, and valuation solutions nationwide it is now integrated to LendingQB’s cloud-based loan origination solution (LOS) to further expand its reach and enhance the customer experience for the appraisal management service line. These enhancements position USRES for continued growth, enabling the company to expand its presence and services within the mortgage industry.

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Keith Guenther, CEO of USRES, said, “LendingQB is a prominent player in the LOS space and therefore made our decision to partner with them an easy one. Their continued focus on integrating with the industry’s most innovative and proven providers has resulted in a platform that is comprehensive, yet intuitive. These tools and services will be instrumental as we continue to expand our presence and maintain efficient, streamlined operations.”

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With this integration, USRES can now more effectively engage Lending QB’s customers in a single, centralized environment. In addition to originating mortgages, the platform seamlessly integrates with hundreds of leading industry applications, including document preparation, compliance, mortgage insurance and title services. This addition to USRES’ set of tools and offerings further cements their commitment to providing the best, most transparent experience in the AMC space.

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“USRES is a company that is committed to establishing lasting relationships with customers and business partners, and we share those same values,” said Tim Nguyen, president of LendingQB. “Lenders want to access services from innovative vendors such as USRES in a way that improves the overall loan origination process. Using our API framework, we were able to provide USRES with an integration experience that enhances the way that lenders interact with their valuation services. We look forward to working with the USRES team and providing our mutual customers with a superior solution that helps us all be successful.”

The Shifting Landscape

According to STRATMOR Group’s Senior Partner Nicole Yung, mortgage technology is changing. These observations were recorded in the firm’s 2017 Technology Insight Survey (TIS). Over the past three years, the TIS has become the mortgage industry’s go-to reference for unvarnished peer views on major commercial-off-the-shelf (COTS) loan origination systems (LOSs) relating to market share, overall satisfaction, functional performance, implementation experience and more.

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However, as Yung explained, while still an invaluable resource for LOS intelligence, the 2017 TIS has expanded to become a broad-based mortgage technology survey. “While there have been many significant advances in mortgage technology over the years, most of were focused on improving lender processes and productivity, not on fundamentally changing the borrower’s experience,” said Yung.

“But, as the publicity surrounding Quicken’s Rocket Mortgage and the Agencies’ stated commitment to Day 1 Certainty attests to, Digital Mortgage (DM) may well be a game changer that no lender can afford to ignore. Recognizing this, STRATMOR has expanded our TIS survey to include an entire new section addressing lender adoption of Digital Mortgage technology.”

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So, how is the mortgage technology landscape changing? “Today, we are in the midst of a technological shift that is fostering this new competitive paradigm, one that is driving how a consumer gets a mortgage and how a lender gets to the consumer. While most lenders think of DM solely in terms of the ‘how’ of customer interaction, STRATMOR’s functional view of DM extends to how a lender uses consumer/borrower data in its marketing activities. In this ‘sea-change’ environment, getting the right technology – and using it in the right ways – takes on special importance,” answered Yung.

“The new 2017 TIS is the only independent industry technology survey gathering crucial data on lenders’ experiences with their LOS and other origination systems in the context of DM as well as more traditional lending operations. At STRATMOR we view the TIS and report not so much as a product, but as an essential industry utility. It can only continue to serve this purpose if lenders participate, whether or not they buy the detailed TIS report.”

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Any resource that can help lenders better understand technology is welcome in my view.

About The Author

Tony Garritano

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 tony@progressinlending.com.

Integration Furthers eLending

PathSoftware today announced that Path, its configurable, multi-channel, cloud-based mortgage loan origination software (LOS), is now fully integrated with DocMagic, a provider of document production, automated compliance, and eMortgage services.

The new web integration provides a direct, secure connection between users’ loan files and DocMagic’s family of products and services. This enables users to order, generate, manage, receive and deliver TRID-compliant documents, such as loan estimates, closing documents and disclosures, with just a few mouse clicks—virtually eliminating the chance of errors and exposure to security risks, while avoiding the time constraints of manually rekeying information.

This integration also enables users to access DocMagic’s Total eClose platform, a digital mortgage solution that contains all of the components needed to facilitate a completely paperless digital closing. In addition, the integration also accesses DocMagic’s eSign technology so borrowers can electronically sign all documents in a secure, compliant manner.

Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. All loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.

“Smart companies like PathSoftware know that TRID compliance, risk reduction and cost control are huge concerns for lenders, and they’re building value by offering solutions to those issues through their technology and that of their partners, like DocMagic,” said Dominic Iannitti, president and CEO of DocMagic. “We’ve had an excellent partnership with PathSoftware’s parent company for many years. We’re proud to continue supporting them as they introduce new and better solutions to their customers and the industry.”

“DocMagic has long been a leading provider of fully-compliant loan document preparation solutions, differentiating itself by the way it handles data and runs compliance checks,” said Doug Mitchell, director of sales and support at PathSoftware. “Our integration with DocMagic will not only make ordering compliant documents significantly easier for our joint clients, it will also significantly reduce time and cost, and eliminate the need for data re-entry, which can inadvertently cause errors and lead to compliance issues.”

The PathSoftware LOS integration also gives mutual clients the option to take advantage of DocMagic’s Premium Reps & Warrants Guarantee offering. The guarantee covers high cost points and fees calculations, TRID-related audits, customer modifications of documents, document selection, and the Loan Estimate (LE) and Closing Disclosure (CD) under DocMagic’s SmartCLOSE product.

Ultimate Flexibility: Leveraging An Open API In Mortgage Tech To Bridge To Digital Lending

In any business, companies can only move as fast as the slowest part of the process. For mortgage lenders, the slowest part of the loan process – outside of regulatory mandated waiting periods – has often been the limitations of physical paper. Whether it is the printing, delivery and fulfillment of paper-based disclosures and closing packages or the transfer of data from a paper application to an underwriting system, manually completing any task dramatically slows down a lender’s efficiency.

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Along with the rest of the nation’s industries, mortgage lenders have spent the past two decades transitioning to a digital economy. In its truest form, digital lending refers to a lending process in which all parties conduct all steps of the loan process electronically. This encompasses everything from the initial application submitted by the borrower to delivery and servicing by the investor.

With the rise in consumer interest around conducting financial business digitally, it’s vital for lenders to embrace as much of the digital mortgage as possible. This paradigm shift requires that all documents undergo an entirely paperless closing process—or in other words, are signed, notarized, registered, delivered and stored electronically.

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While the mortgage industry is better positioned than ever to accomplish this feat, there are many other factors impeding fully-realized electronic mortgages from becoming the industry-wide standard. One of the biggest challenges is getting all the technology tools needed to process loans electronically working together. One approach that is helping lenders build the system of their dreams is leveraging an open API to simplify the task of integrating many excellent vendors into one efficient system.

Bridging to the Future with API

The foundation for a successful digital lending strategy is having the appropriate technological infrastructure. With the proper technology in place, borrower data seamlessly moves through each phase of the origination process, along with reducing the risk of human error.

Lenders need three main tools to build a fully digital lending workflow: an intuitive and responsive point of sale (POS) where borrowers can initially complete loan applications and manage their loan status; a loan origination system (LOS) to address all necessary verification and underwriting; and a document and eSignature provider for closing, delivery and servicing.

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Of these tools, the LOS is the foundation into which all other tools must integrate into. While some LOS providers try to offer every tool in one system, most lenders find that they prefer to build a custom tech environment that leverages the expertise and functionality of several different software providers.

This is where an open API becomes essential for the evolution to digital lending. When lenders select an LOS with an open API, they gain access to more resources that can enable them to streamline their lending process. Instead of waiting months or years for two vendors to reach an integration contract, build and code a proprietary integration, test and finally roll out the solution, vendors can instead use the API to build integrations more quickly and accurately using data standards provided by the LOS.

This choice creates an environment of competition where vendors are increasingly challenged to continue refining and improving their solutions to provide the best value for lenders. Lenders are also able to continue configuring their LOS’ long after the initial implementation, which is beneficial during period of growth or changes within the lenders organizations that promote new ways to lend.

This is vital for lenders as they move toward the primary goal of a complete end-to-end digital mortgage. An open Application Programming Interface (API) provides a more efficient and streamlined experience for both lenders and borrowers alike. Lenders will also have singular, standardized proof of compliance and be able to maintain a higher level of data integrity by significantly reducing manual data processing.

Along with time-efficiency, improved data integrity and transparency are additional benefits found in leveraging the appropriate technological tools. The increase in data integrity not only helps expedite the origination process, but also provides clarity on the secondary market. This technology helps both lenders and investor mitigate risk and ensures the loans initially meet the standards required for origination and servicing.

The bottom line is that electronic lending affords all parties involved a wealth of benefits. Lenders and investors who manage their loans electronically will be able to cut down significantly on the time it takes to originate and service these loans, enabling them to handle a greater volume and thus drive greater profits. Not only that, but they’ll be able to show their borrowers a better experience, making it more likely that these borrowers will return for future lending needs.

About The Author

Linn Cook

Linn Cook is senior communications manager of LendingQB, a leading loan origination software provider delivering customer solutions that combine technology and good business practices. LendingQB is a provider of 100% web browser-based, end-to-end loan origination software that offers residential mortgage banking organizations faster closing time and reduced costs per loan. To learn more visit www.lendingqb.com.

Point Users Can Access Lender’s Section 184 Loans For Native Americans

Calyx Point users can now access products and pricing information for 1st Tribal Lending programs, regardless of whether they have registered to broker loans with 1st Tribal Lending. 1st Tribal Lending is a division of Mid America Mortgage, a multi-state, full-service mortgage lender.

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1st Tribal Lending, which is licensed in 40 states, offers Section 184 home loans to Native Americans who are enrolled members of federally recognized tribes. Properties can be financed both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.

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“In today’s competitive market, lenders are looking for new niche markets and programs to put their borrowers in homes,” said Bob Dougherty, Vice President of Business Development at Calyx Software. “This integration allows 1st Tribal Lending to increase its outreach to Calyx’s extensive user base, and, at the same time, provides all Calyx customers, even if they are not yet approved to broker loans with 1st Tribal Lending, access to the lender’s loan programs for Native American borrowers.”

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“One of the challenges of offering unique programs, like Section 184 loans, is marketing and educating brokers on the guidelines,” said Brett Robinson, Managing Director of 1st Tribal Lending. “We are excited to be integrated with Point to help brokers, and ultimately more Native American borrowers. Having easy access to our programs will open up more opportunities for purchases on and off the reservation, site built constructions, manufactured homes, and refinances.”

To access 1st Tribal Lending’s offerings in Point, select Product and Pricing from the Interfaces menu, select 1st Tribal Lending, and click 1st Tribal Lending.

PathSoftware Now Integrated With ComplianceAnalyzer From ComplianceEase

PathSoftware today announced that Path, its highly-configurable, multi-channel, cloud-based mortgage loan origination software (LOS), is now integrated with ComplianceAnalyzer with TRID Monitor from ComplianceEase, a provider of automated compliance solutions to the financial services industry.

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The seamless integration lets Path users automatically audit loans for regulatory compliance violations using ComplianceAnalyzer with TRID Monitor—without ever leaving the LOS. ComplianceAnalyzer with TRID Monitor is the most comprehensive, real-time TRID auditing solution available in the market. It can check for any changes in terms and fees throughout the origination and closing processes; audit tolerance across all disclosures and changed circumstances; and track post-consummation disclosures, including those with a cure to the borrower. In addition, ComplianceAnalyzer with TRID Monitor performs audits for Federal high cost and higher-priced loan regulations, the Secure and Fair Enforcement for Mortgage Licensing Act, state high cost and anti-predatory regulations, and state license-based consumer lending laws and regulations. It can also perform audits for compliance guidelines from secondary market investors and government-sponsored enterprises.

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Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. All loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.

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“We developed ComplianceAnalyzer with TRID Monitor to deliver in seconds comprehensive loan-level compliance reports supported by detailed regulatory and cure analyses, exception tracking and reporting,” said Dan Smith, Senior Vice President of ComplianceEase. “Our integration with Path will allow us to help more lenders improve efficiency, as well as give them greater confidence in the loans they’re originating.”

“Having the ability to automatically audit loans at every step in the origination, closing and post-closing process is vital in today’s ever-changing regulatory environment,” said Doug Mitchell, Director of Sales and Support at PathSoftware. “We’re pleased to partner with ComplianceEase to help our financial institution clients improve loan quality, reduce compliance risk, and capture the data needed to prepare for regulatory exams.”

Blue Sage Launches Multi-Channel Digital Platform

Blue Sage Solutions, whose founders created the mortgage industry’s first browser-based, end-to-end loan origination system, has launched a new Digital Lending Platform that now serves retail and wholesale businesses channels in addition to its existing correspondent lending capabilities. Available immediately, retail and wholesale lenders will be able to sell, manufacture and close loans online while offering borrowers a fast, efficient and user-friendly digital mortgage experience.

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The Blue Sage Digital Lending Platform Retail Portal enables borrowers with any digital device to shop, apply, and participate in the origination process. Retail lenders can now leverage Blue Sage’s consumer applications to enable borrowers to explore eligible products calculated with real-time rates, fees, and cost options that they can take directly into online application process. Meanwhile, the Blue Sage Wholesale Portal enables wholesale lenders to work more efficiently with brokers and banking partners, and deliver faster loan decisions in an automated and collaborative digital environment.

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“Unlike most platforms, Blue Sage was completely built and delivered through the cloud and designed to support any mortgage channel or line of business,” said Blue Sage CEO Joe Langner. “Retail and wholesale lenders no longer need to bolt-on third party add-on solutions through complex integrations, such as borrower websites or pricing engines into their existing LOS. Our platform provides lenders everything in one cohesive solution, so borrowers receive a simpler, more efficient experience from start to finish.”

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Blue Sage’s consumer applications streamline the user experience by offering full chat and remote assistance and automated workflows. After a borrower fills out an application, Blue Sage verifies pricing and compliance and delivers to the borrower a personalized portal to track their loan progress and receive access to the initial disclosure package ready for an electronic signature.

The Blue Sage Digital Lending Platform also includes an Originator Portal and Mobile App that provides key point-of-sale and CRM functionality to set up contact strategies, interact with borrowers, set goals and manage pipelines and performance. With Blue Sage, lenders can increase capture rates, react more quickly to market changes, ensure compliance, and meet borrower demands for a completely digital mortgage experience all on one seamless platform.

Langner added that the Blue Sage Digital Lending Platform can be easily updated with new products at no additional investment to lenders. “Blue Sage offers unparalleled flexibility through an ecosystem of API (application programming interface) services, which allows us to offer new products rapidly, such as our mobile Loan Officer Portal,” Langner said. “There’s tremendous value for lenders in having a complete solution designed from the beginning to bring all the pieces of the mortgage process together while reducing total costs of ownership.”

Innovating The Origination Process

Black Knight Financial Services, Inc. is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. The company is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. To this end, Richard (“Rich”) Gagliano is President of the Origination Technologies Division for Black Knight, talked to us about how he sees the future of mortgage origination and what Black Knight is doing to innovate. Here’s what he said:

Q: What are a few of the most impactful changes you are seeing in the mortgage lending industry?

RICH GAGLIANO: The impact of regulatory change continues to plague the mortgage industry with higher operating costs. While the pace of regulatory change has slowed, mortgage lenders have not seen their costs decline accordingly. To put this in perspective, the average cost to originate a loan today is nearly double what it was in 2007. Still, we believe that in time technology and process innovation will help to normalize costs.

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Digital technology has and will continue to have a significant impact on the mortgage industry. From an operational perspective, it enables innovation that can result in greater efficiency, as well as expanded product offerings. It can also help deliver the “have it your way” experience that customers expect by enabling them to interact with their lender and receive updates on the mortgage loan process from any internet-connected device. This continuity of experience has become a standard expectation from consumers, and digital technology is helping lenders meet and exceed those expectations.

Q: What is Black Knight doing to help lenders address these changes?

RICH GAGLIANO: On the regulatory front, Black Knight has been at the forefront in terms of working in close partnership with our clients to ensure that we adapt and innovate to meet their changing needs as new regulatory measures unfold. As a result, we have a highly collaborative and productive working relationship with our mortgage clients, and are in lock-step with them to address regulatory changes when they arise.

We also deploy robotics technology within our core loan origination system to deliver advanced automation in support of more streamlined origination operations. This innovative approach enables mortgage originators to improve operating efficiencies and drive down costs.

Taking advantage of the capabilities of digital technology, Black Knight is delivering a front-end (consumer-facing) loan application that lenders can deploy so their borrowers can enjoy a user-friendly, branded experience. Data that is entered into the application is collected and tied back to our loan origination system for efficiency and speed.

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Q: In what ways are these innovations helping the lending industry evolve?

RICH GAGLIANO: Innovation is greatly helping to expedite the gathering and validation of borrower information through fintech companies for key factors such as income and assets. This accelerates the speed and fluidity of the origination process by giving lenders increased validation certainty to support decisioning.

In turn, this gives consumers the ability to self-fulfill the mortgage origination application online, without the need to track down supporting documents and other onerous tasks that can contribute to an unpleasant mortgage origination experience.

The result is not only a more satisfying customer experience, but also a lower abandonment rate, decreased costs to originate a mortgage loan, and the opportunity to approve and close more loans overall. This offers a critical advantage to mortgage originators of all sizes.

Q: Black Knight is perceived as a technology provider for larger banks; what is the company doing to support mid-market lenders?

RICH GAGLIANO: Today, Black Knight offers a pre-configured origination solution called Empower Now! that is sized specifically for the mid-market lender. Empower Now! delivers all the functionality a mid-market lender needs, including automation capabilities and a process orchestration engine that helps support a lender’s future growth. It enables lenders to operate more efficiently and deliver a more responsive customer experience.

The system can be deployed within 4-6 months – more quickly than our robust Empower enterprise system. Additionally, Empower Now! scales to support future growth, so mid-market lenders don’t have to settle for less robust options because of their size.

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Q: How has your previous experience in the mortgage industry prepared you as President of Black Knight’s Origination Technologies division?

RICH GAGLIANO: My industry background has included both mortgage origination operations, as well as technology strategy and development. I have run mortgage origination businesses, including executive management, sales, and operations. This has given me a good understanding of the challenges associated with the origination business, including cost and margin management. I’ve also spent many years working as an underwriter, as well as in corporate finance and secondary marketing. I also have experience in business engineering, helping to identify opportunities for operations to be more efficient across people, technology, and processes. Finally, I have a great deal of experience in regulatory and compliance, and have been working closely with our mortgage clients on their readiness initiatives and risk mitigation programs.

Insider Profile

Richard (“Rich”) Gagliano is President of the Origination Technologies Division for Black Knight, a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. As the division’s leader, Rich is primarily responsible for the direction of LoanSphere Empower, Black Knight’s loan origination system for retail, wholesale and consumer-direct channels; LoanSphere LendingSpace, Black Knight’s loan origination system for correspondent lending; Black Knight’s LoanSphere SalesEdge lead management solution; and LoanSphere Quality Insight, a quality control workflow solution that supports greater loan transparency and data integrity. With more than 25 years of experience in the financial services industry, Rich offers a wide range of lending-product knowledge and insight. He supports Black Knight’s efforts to provide advanced, high-performance technology and data solutions to help clients succeed in the evolving mortgage industry.