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Black Knight Inc., is looking to move closer to fully digital, contactless real estate transactions following its most recent update to the Expedite Close platform. The Expedite Close platform now offers detailed, document-by-document guidance to help borrowers through the closing package. According to the company, this increases the contactless process, up to and including the remote online notarization of all necessary paperwork.
"By giving borrowers access to the same knowledgeable insight into loan documents and line items they would typically receive in-person at the closing table, Expedite Close provides the detailed information and advanced functionality needed to complete an efficient and effective closing process in a timely manner while operating in a secure, digital environment," said Rich Gagliano, president of Black Knight Origination Technologies.
Black Knight states that upon initiating an eClosing process through the platform, borrowers will be provided a clear overview of documents to be reviewed and signed, as well as individual tags within documents to help them make informed decisions as they complete the required tasks. The tags are also configurable by the lender and help the borrower understand the information within each document, such as monthly principal or interest payment amounts, prepayment penalties, and other items of importance.
"Unfortunately, with cases rising nationwide, COVID-19 will be impacting in-person closings for quite some time to come," said Gagliano. "As such, the need for a comprehensive eClose solution has never been greater."
Click here to learn more about the latest updates to the Expedite Close platform.