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Real estate software, data and analytics company Black Knight Inc. says it has “closed the loop” on delivering a complete digital mortgage process with the integration of Wolters Kluwer’s eNote and eVault capabilities.
Black Knight announced an agreement with Wolters Kluwer Thursday to add those capabilities to its digital closing solution, Expedite Close.
Expedite Close already offers eSign, eClosing and remote online notarization (RON) solutions, meaning lenders will no longer need to depend on multiple vendors for digital closing capabilities, said Black Knight Origination Technologies President Rich Gagliano in a statement.
“With this new integration, lenders will benefit from cost savings per transaction along with a seamless process that flows data from the Empower LOS into our end-to-end Digital Close solution before being securely stored in the eVault,” Gagliano said. “The strong collaboration between Black Knight and Wolters Kluwer combines select digital capabilities and deep industry knowledge that is truly game changing for the mortgage industry.”
Black Knight said its relationships with a nationwide network of settlement service providers and notaries that use its RON solution, DocVerify, will help accelerate the adoption of the company’s complete eMortgage package.
A total of 42 states and Washington, D.C., have laws on the books allowing remote online notarization with California, Massachusetts and much of the southeast U.S. among the bigger holdouts, according to the Mortgage Bankers Association (MBA).
“The addition of our eNote and eVault technology to Black Knight’s platform continues a growing collaboration that already included the adoption of our mortgage document generation technology through our Expere brand into Black Knight’s Empower loan origination system,” said Wolters Kluwer executive Steve Meirink in a statement. “With these added capabilities, lenders can continue their journey toward end-to-end mortgage digitization that advances their lending operations and meets growing consumer demand for an eMortgage capability.”
Although Black Knight is reportedly planning to spin off its Empower loan origination system (LOS) to address antitrust issues raised by the company’s pending merger with Intercontinental Exchange Inc. (ICE), ICE offers its own popular loan origination system, Encompass.
Competing mortgage tech providers include Google Cloud’s Lending DocAI, Roostify, Ocrolus, Blend, Maxwell Lender Solutions and Constellation Mortgage Solutions (CMS, formerly known as Mortgage Builder). Two of the nation’s biggest lenders United Wholesale Mortgage and Rocket Mortgage make their mortgage origination technology available to partners.