It is designed to help clients streamline the time-consuming compliance-testing process and make compliance validation easier and quicker. Regulatory Assist is a centralized rules engine that enables clients to perform a broad scope of both state and federal loan-level compliance validation tests. Using this new solution, clients will be able to run “lights-out” validations based on the client’s configuration, with no manual intervention by leveraging the Empower Orchestration Engine, or run specific regulatory tests from a “Quick Select” screen.

The integration of Regulatory Assist with Empower incorporates client compliance testing directly into the origination workflow to create real-time tasks and loan conditions. Regulatory Assist displays an overall risk level and other important messages to assist clients with understanding test results. The solution alerts the lender when actions may be required and supports on-the-go issue remediation.

Regulatory Assist offers configurability based on a client’s business needs. For example, clients can change certain tolerance levels or remove tests if certain regulations do not apply. Test results are saved as a PDF and stored in the Empower document repository for future reference. These results can also be viewed using Black Knight’s business intelligence dashboards enabling the client to drill down on the loan and view current activity as well as review historical compliance testing results for additional insights.

“Black Knight offers several services today to support our clients’ compliance requirements, and we are excited to expand that support with the launch of Regulatory Assist,” said Rich Gagliano, president, Black Knight Origination Technologies. “Compliance testing can add significant time and cost to the loan origination process. By embedding state and federal compliance checks in the origination process via Empower, Regulatory Assist will significantly streamline loan-level testing, which can result in reduced operational costs.”