Historically Competitive Market Underscores Critical Value of New Integration with Optimal Blue PPE

-          Black Knight’s Capture is a comprehensive customer retention product that proactively monitors     portfolios for loans that could benefit from a refinance based upon a borrower’s specific equity position and/or current first-lien rate

-          Integration with Black Knight’s leading product and pricing engine, Optimal Blue PPE, lets Capture generate even more accurate, borrower-specific pricing scenarios using the lender’s current pricing and the most up-to-date market and margin structure

-          As rising interest rates impact origination volumes, competition for consumers who are refinancing or purchasing homes will become increasingly fierce, making retention more critical than ever

-          As of the end of Q4 2020 – despite record-breaking origination volumes – 82% of refinancing borrowers were lost to other lenders, with small pricing differences often the deciding factor

-          By allowing lenders to provide personalized offerings based on the most current pricing available, Capture helps increase growth and retention in an increasingly competitive environment

JACKSONVILLE, Fla. – March 30, 2021 – Today, Black Knight, Inc. (NYSE:BKI) announced an update to its Capture lead analytics platform that helps lenders and servicers identify specific loans in their servicing portfolio or lead database that could benefit from refinancing based on equity positions and/or current first-lien rates. With Q4 2020 borrower retention rates hitting the lowest point in history despite record-breaking origination volumes, Black Knight has now integrated Capture with its leading product and pricing engine, Optimal Blue PPE, to help lenders increase growth and retention – and gain an edge in an increasingly competitive environment.

“Borrower retention remains a top concern for many lenders as market recapture rates continue to dwindle,” said Scott Happ, president, Black Knight Secondary Marketing Technologies. “Drawing upon Black Knight’s best-in-class Optimal Blue PPE, Capture tackles this challenge directly by enabling lenders to more effectively identify actionable leads, determine the right time for outreach, and calculate timely, personalized pricing.”

Capture helps increase recapture rates for lenders and servicers by automating lead generation and calculating near-real-time pricing scenarios via the Optimal Blue PPE. Scenario calculations include borrower-specific attributes and the lender’s current pricing – including the most up-to-date market and margin structure – to deliver highly accurate results.

When combined with Black Knight’s Servicing Digital solution, servicers can also present these same loan scenario calculations to existing customers. The refi can be accepted in Servicing Digital, and can be automatically directed to Borrower Digital, Black Knight’s comprehensive point-of-sale application. Black Knight offers digital origination solutions to help the loan officer support the borrower throughout the application process, identify any regulatory issues, and conduct an electronic close and remote online notarization. For clients using the Black Knight MSP servicing and Empower loan origination system, the necessary data is automatically pulled from and uploaded to these platforms.

According to the January 2021 Black Knight Mortgage Monitor report, just 18% of refinancing borrowers were retained in Q4 2020, despite an all-time high in such originations. Among higher-credit quality rate/term GSE refis, borrowers who refinanced with a different lender on average received more than an eighth of a percent lower rate than those who refinanced and remained with their current servicer. Providing accurate and dynamic pricing scenarios and engaging borrowers at the appropriate time is critical to business retention. Capture addresses this by continually monitoring a servicer’s portfolio and a loan officer’s lead database to determine the exact time a borrower should be contacted based on lender, rate environment and other market triggers.

“Despite record levels of lending activity, 2.3 million refinancing borrowers were lost to market competitors in Q4 2020 alone,” said Happ. “Seamless integration of the Optimal Blue PPE with Capture will help originators retain the business they worked so hard to earn, and when combined with our powerful servicing and origination solutions, will serve as yet another example of Black Knight delivering advanced capabilities that address market needs.”

About Black Knight

Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

 

 

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First Focus on Fee Management – Eliminates Forms, Shortens Process, Greater Fee Transparency

EAST MEADOW, NY, MARCH 31, 2021 -- Sprout Mortgage, the leading nationwide force in non-QM residential lending, announced today they are launching a new program on April 1^st. This program will help brokers grow their business.

Sprout’s new “BROKER AdvantEDGE” program is a series of operational improvements that will help brokers enhance the borrower experience and expand their business.  The program will continue to evolve over the balance of 2021 and beyond.  The first phase of BROKER AdvantEDGE is available April 1^st and streamlines fee management.

Using the new fee management feature of BROKER AdvantEDGE, brokers can gain increased accuracy by controlling data input, immediately access compliance results prior to loan submission, fill out fewer forms and worksheets, and preview loan estimates before submitting loans for disclosure.

“It’s time to rethink the loan estimate,” said Sprout EVP and Chief Operating Officer, Nicholas Imbimbo.  “BROKER AdvantEDGE emphasizes Sprout’s commitment to putting brokers in the driver’s seat to give them more control over their borrowers’ experience.  The launch of our advanced fee management mechanism eliminates process steps and provides much greater visibility into what borrowers will see related to lender fees.”

Sprout's loan programs are accessible through many widely used mortgage product and pricing engines including Optimal Blue, Loan Sifter, EPPS LoanNEX and Mortech.  Full details are available to mortgage professionals through the Sprout Client Portal, while Sprout's easy-to-use iQualifi app provides scenario eligibility and pricing.

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AUSTIN, TX – March 30, 2021 – Peoples Processing, Inc., a DBA of Direct Mortgage, Corp., announced today that it has recently appointed Rich Kean as Senior Manager, Client Engagement. In this new role, Rich will be responsible for bringing in and managing new strategic partnerships with marquee clients.

Before joining Peoples Processing, Rich spent 20 years at Sutherland Global Services in various capacities including Business Development and relationship management for Banking, Mortgage, and Insurance Services. Rich was instrumental in uncovering large strategic opportunities for Sutherland.

Speaking on the occasion, Sam Verma, CEO at Peoples Processing said “Rich will be a valuable addition to our team and will play an important role in our growth plans”

Rich said “It’s clearly a time of unprecedented change in the mortgage industry, and joining Peoples Processing is the right move. Their ability to quickly deliver value for clients coupled with an aggressive growth plan is very exciting. I look forward to what the future holds not only for the industry but also for Peoples Processing”.

About Peoples Processing Inc.

Peoples Processing has been serving the mortgage industry for 10+ years. We offer end-to-end mortgage servicing support right from Loan Boarding to managing default operations and loss mitigation. Peoples Processing is a DBA of Direct Mortgage, Corp., Midvale, UT, (NMLS # 9612)

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