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Black Knight, Inc. announced the launch of a new application programming interface (API) to help investors automate bulk transaction pricing and committing in the correspondent lending process.
The new pricing and committing API is now integrated with CompassPoint, Black Knight's risk management and loan sale platform, which is used by hundreds of industry professionals to hedge, value and sell more than $1 trillion in mortgage originations annually. It is also available via Resitrader, Black Knight's online loan trading platform, which connects investors to a large base of sellers through a secure, cloud-based environment. Additionally, other mortgage hedge advisors and technology providers can implement also implement the new API.
Simplifying the exchange of information between correspondent buyers and sellers engaged in bulk transaction bidding and committing, the API provides an automated mechanism through which data can be shared and loans can be priced, according to a press release. Lenders can also access daily price indications for rate-lock commitments and closed loans in their pipeline.
"Black Knight continues to expand its development of APIs to drive innovation where there are industry opportunities for automation and efficiency," said Rob Kessel, managing director, Black Knight Secondary Marketing Technologies. "This API marks a new standard for correspondent buyer-seller interactions and processes by automating the exchange of data, which has historically been a very manual process. Combined with our capabilities in valuation and analytics, pipeline risk management, and hedge advisory solutions and services, this API offers another layer to our secondary marketing ecosystem, which creates more efficiencies for the growing correspondent market."
Click here to learn more about the new API.