Black Knight Financial Services has announced that Fifth Third Bank, a diversified financial services company headquartered in Cincinnati, Ohio, will implement a full suite of Black Knight loan origination solutions.
Fifth Third Bank is consolidating its residential lending technology onto one integrated platform to enhance efficiencies and risk management.
Fifth Third Bank will be implementing the following Black Knight solutions to support its retail, consumer direct and correspondent mortgage loan channels, as well as home equity product originations:
– LoanSphere Empower – a comprehensive LOS that supports originations of first mortgages and home equity loans. The Web-based, enterprise LOS helps lenders electronically originate, process and close loans, and includes a solution for reporting, dashboards and ad hoc queries.
– LoanSphere LendingSpace – an end-to-end LOS that offers the controls, security and configuration necessary to build or enhance correspondent lending programs. LendingSpace performs all lending activities within one system for a seamless, standardized workflow that follows each lender’s specific processes and rules.
– LoanSphere Exchange – Black Knight’s Exchange is a Web-based technology that allows lenders and their service providers to connect and order products and services electronically through a secure, standards-based platform that provides integration, data, workflow and decisioning support. Exchange connects more than 20,000 of the mortgage industry’s service and solution providers with the top lenders in the industry. Fifth Third will be able to access Exchange directly from Black Knight’s Empower LOS.
– LoanSphere Quality Insight – a loan quality assessment tool that automates internal quality control reviews, provides consistent feedback on investor and lender compliance requirements, supports remediation and exception processing, and helps improve data integrity and reduce repurchase requests.
Black Knight’s Origination Technologies division president Jerry Halbrook said: "Black Knight’s LoanSphere technology will help streamline Fifth Third’s lending operations, providing the company with the integrated solutions needed to help meet its compliance obligations and achieve greater efficiencies across the origination loan lifecycle.
"The combination of Black Knight’s technologies, which deliver end-to-end capabilities, will help lenders like Fifth Third realize greater value by using integrated technology from a single provider."
LoanSphere is Black Knight’s premier, end-to-end platform of integrated technology, 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. By integrating lending functions and data, Black Knight’s LoanSphere helps lenders and servicers reduce risk, improve efficiency and drive financial performance.