Black Knight is Transforming the Mortgage Industry with Servicing Digital


Loansphere Servicing Digital is a
customer-centric digital app, that we built in order to provide our services a way to deliver to their customers capabilities that allow them to manage
their loans make real-time payments and understand their home and how they can
better leverage that home when they’re building their overall wealth in order
to be more financially sound. Loansphere Servicing Digital has three key aspects to it. The first when you land on the dashboard displays all three of those
key areas: my home, my loan, and my neighborhood. I’m gonna start with loan
because that’s what we’re most familiar with And it really gives you the ability
to self-service against your loans so you can see all your key information
transaction history, escrow information PMI information. You can also make real-time payments which allows you to not only process that payment but also see the
results of that payment instantaneously and then we translate that into a good
news message around how that impacts your equity. So my home is really all
about your property so again underneath that loan is the property so what we
want to do is educate the borrower around what their current value is so
we’re giving them a real-time valuation translating that into what that means
that implements equity perspective and then going through various options with
them of how they can use that equity or better manage the amount of interest
they’ll pay over the life of the loan or perhaps reduce their payment. So we go
through refinance options, we go through making additional principal payments
either through a lump sum or monthly principal payments in order to reduce
that overall interest that you pay on that life of that loan we even give you
the opportunities to evaluate how you can use your equity that you’ve accrued
by trading up to an investment property buying a new home or potentially doing a
cash out refinance. Maybe you want to install a pool or do a repair on your home. The last area of application is around my neighborhood The goals in my neighborhood really they
allow you to compare your home and context other homes in your area. So we
let you consider your value compared to your neighbors values so that you look
at the characteristics of your home and comparison to your neighborhood and then
we also let you see comparables so the homes that have sold in the last
30 days in your neighborhood maybe you’re trying to price your home you’re
interested in putting it on the market you want to make sure what’s a
reasonable price based on the home characteristics you can do all of that
in that app itself. In addition to that we provide some census data so you can
not only understand about the homes in your neighborhoods also a little bit
about the demographics of your neighborhood relative to age and income So Servicing Digital also one of the key
aspects of it was that we built it from the customer’s perspective. So, again the
consumer’s perspective. So, we started there and then it worked inwards. So,
we were able to build it to make sure it was really easy to understand by adding
some additional educational components to that and we made sure we weren’t
using mortgage lingo but wherever we needed to do that we would provide
either static information that helps to explain what is escrow for example when
you would explain that a couple paragraphs that are really easy to understand, or you can incorporate multimedia like a video for example that maybe the
servicers created it explained something more complex like an escrow statement so
we’ve embedded educational tips and tools throughout the entire application
but really it was about the customer design process. So we really focused on
how can we make it as easy to use as the types of applications if they’re used to
like Amazon or Waze or applications that they incorporate into their daily life, we want this to be one of those applications so we used a design thinking approach and made sure that we were thinking
about it from the customer backwards So, Servicing Digital has two key
primary advantages that it offers servicers. One is around again improving
customer experience and the second one is around retention. The two are tied
together but it really is about those two key advantages. From a customer
experience perspective, again our servicers are trying to reach their
borrowers where and how those borrowers want to interact with them and so having
an app capability again that is something they’re very used to in their
everyday life is really key for them to increase that customer experience with
that borrower. The second piece is around retention. Again think about taming
borrowers so if the customer is currently a servicing customer then we
want to make sure that whenever they’re going to buy a new home or potentially
refinance an existing loan you want to make sure that our services have the
best opportunity to make that loan to that borrower so that they’re retaining
them in their portfolio. It’s something that all of our services are very
focused on in their overall growth plans so again new loans are very important
but also very expensive and retaining customers is one key aspect of their growth

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