Black Knight Financial Services (BKFS) has announced the introduction of its Application Service Provider-hosted (ASP) solution for Black Knight’s LoanSphere LendingSpace loan origination system (LOS). The LendingSpace LOS, a component of Black Knight’s end-to-end LoanSphere platform, supports correspondent lending and has traditionally been available as a client-hosted application. Lenders that use the ASP solution, which is hosted in Black Knight’s data center in Jacksonville, Fla., will benefit from Black Knight’s management of system deployments, as well as 24/7 system and data monitoring, backup recovery locations and business continuity plans.
With the ASP-hosted option, Black Knight manages software upgrades, system enhancements and test environments, and provides support services to resolve issues quickly. Lenders will benefit from a multi-tenant environment, which results in significant savings because lenders share the cost of developing and deploying additional functionality. The hosted model is ideal for lending organizations that want to realize operational efficiencies, reduce costs and decrease risks associated with the management of IT environments.
The LendingSpace LOS offers the controls, security and configuration necessary to support all loan purchase activities within one system using a seamless, standardized workflow configured to each lender’s specific processes and rules. LendingSpace, a highly scalable LOS that supports the correspondent lending market, is used by six of the top 20 correspondent lenders and processes an average 30,000 purchase loans per month.
LendingSpace offers several unique secondary marketing capabilities, including the ability to:
►Track and manage multiple loan-level locks
►Utilize pipeline management and reporting
►Track trade confirmations and settlements
►Create investor-specific exports
►Manage and maintain actionable seller data
LendingSpace is an application within Black Knight’s LoanSphere platform, which offers integrated technology, data and analytics to support the entire mortgage and home equity loan lifecycle from origination to servicing and default.
“Black Knight understands the complexities and growing demands surrounding technology, information security and business requirements. We have decades of proven expertise managing system deployments, allowing lenders to focus their costs and resources on closing more loans—not on IT investments,” said Jerry Halbrook, president of Black Knight’s Origination Technologies Division. “Additionally, by providing our hosting services from the Jacksonville data center, we can offer our clients maximum system support.”
