Equipped with its original LoanSphere Exchange online platform, Florida’s Black Knight Financial Services recently signed a contract with Minneapolis-based U.S. Bank to provide its integrated data, decision and workflow management system on a 24/7 basis.
Linking over 20,000 mortgage industry partners, “Exchange” is anticipated to simplify operations for U.S. Bank while reducing costs of technology and minimizing risk. The platform was developed chiefly by RealEC Technologies, a division of Black Knight. The program aggregates data, centralizes timelines for settlement proceedings, and provides indexing and other support services.
"Exchange offers us one powerful centralized resource to facilitate connections with our individual service providers and to eliminate paper and manual processes," Mike Oakes, U.S. Bank’s EVP – retail operations, said. "By using Black Knight's Exchange technology, we hope to increase our operational efficiency, improve milestone tracking and provide for a better borrower experience."
U.S. Bank (U.S. Bancorp), the nation’s fifth largest commercial banking institution, also employs Black Knight’s branded loan servicing system, LoanSphere MSP, as well as various associated and integrated processes.
"We are pleased to help U.S. Bank further streamline its mortgage origination process, standardize the user experience for all providers involved and help the bank reduce risk with Exchange's proven ability to support investor loan-quality requirements," Dan Sogorka, president of RealEC’s technologies division, said.