Magazine article Mortgage Banking

Black Knight Rolls out ASP-Hosted LOS Option

Magazine article Mortgage Banking

Black Knight Rolls out ASP-Hosted LOS Option

Article excerpt

At a press briefing at the Mortgage Bankers Association (MBA) Annual Convention in late October, senior executives from Black Knight Financial Services (BKFS), Jacksonville, Florida, described the company's technology agenda for 2016 and origination technology was a major focus. That was the message even as the company retains dominant market share with its servicing technology platform for first-lien residential mortgages.

At the briefing, Jerry Halbrook, president of Black Knight's Origination Technologies Division, said, "We expect to get really active in the origination space in 2016 now that our TRID [Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule] work is complete." Halbrook added, "We have significant projects in the pipeline in 2016."

In early December, the company started publicly making good on that statement by announcing it was making available an application service provider (ASP) hosted version of its LoanSphere LendingSpace loan origination system (LOS). The company said it will host the LOS in its state-of-the-art data center in Jacksonville, where it will manage all software upgrades, system enhancements and test environments.

The LendingSpace origination system supports the correspondent lending market and is used by six of the top 20 correspondent lenders, according to the company. The system processes an average 30,000 purchase loans per month, according to a Dec. 4 press release.

The LendingSpace system offers several unique secondary marketing capabilities, according to Black Knight. They include the ability to: track and manage multiple loan-level locks; utilize pipeline management and reporting; track trade confirmations and settlements; create investor-specific exports; and manage and maintain actionable seller data. …

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