PNC Bank to Implement Black Knight's Services to Boost its Loan Lifecycle
JACKSONVILLE, FL: PNC Bank, a member of PNC Financial Services Group, will implement the solutions of Black Knight Financial Services, a provider of integrated technology to mortgage and real estate industries. Through the implementation of Black Knight solutions, PNC will consolidate its technology to support first mortgages and home equity loans into a single platform.
PNC will incorporate four of Black Knight’s solutions including — LoanSphere Empower, LoanSphere Exchange, LoanSphere Quality Insight, and data and analytics offerings. LoanSphere is Black Knight’s platform of integrated technology, data and analytics to support the mortgage and home equity loan lifecycle. It enhances risk management, efficiency, and financial performance by integrating all the lending and servicing functions.
LoanSphere Empower supports wholesale, retail and consumer lending and offers services for every step in the loan origination process in a single system. As a web based loan origination system, it helps lenders to originate, process and close loans electronically. LoanSphere Exchange is a collaboration solution that connects a number of mortgage industry’s service and solution providers and helps them exchange data. LoanSphere Quality Insight, a loan quality assessment tool provides feedback on investor and lender compliance requirements and automates internal quality control reviews. It boosts data integrity and brings down repurchase requests. PNC will also implement Black Knight’s data and analytics offerings that enable lenders to enhance performance, manage and reduce risks, promote cost savings and comply with regulations.
Black Knight’s solutions will combine the existing capabilities offered by Black Knight like LoanSphere MSP, LoanSphere Invoicing, LoanSphere Bankruptcy and Foreclosure and LoanSphere Closing Insight. "This combination of Black Knight's technologies will deliver end-to-end capabilities to help PNC Bank manage its portfolios from point of sale through default. As a Black Knight Enterprise client, PNC Bank will be positioned to realize exponential value from Black Knight's comprehensive LoanSphere platform," says Jerry Halbrook, President, Origination Technologies Division, Black Knight.