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PNC Bank Signs Contract to Use Black Knight Financial Services' LoanSphere Empower Loan Origination System to Originate First Mortgages and Home Equity Loans

April 27, 2016

- PNC is consolidating its technology to support first mortgages and home equity loans onto a single platform to improve quality, efficiency and risk management.
- PNC will also be implementing Black Knight's LoanSphere Exchange, LoanSphere Quality Insight, and data and analytics offerings.
- With the implementation of these solutions, PNC will become a Black Knight Enterprise client

JACKSONVILLE, Fla., April 27, 2016 /PRNewswire/ -- Black Knight Financial Services, Inc. (NYSE: BKFS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, announced today that PNC Bank N.A., a member of The PNC Financial Services Group, Inc. and one of the largest diversified financial services institutions in the U.S., will implement these Black Knight solutions:

  • LoanSphere Empower - a comprehensive loan origination system (LOS) to support originations of first mortgages and home equity loans, which is used by lenders to manage retail, wholesale and consumer direct channels. The Web-based, enterprise LOS helps lenders electronically originate, process and close loans, and includes LoanSphere SalesEdge and LoanSphere Driver products, to support lead generation and reporting;
  • LoanSphere Exchange -  an open technology platform that provides integration, data and workflow and decisioning support through a 24/7 data exchange that connects more than 17,000 of the mortgage industry's service and solution providers with the top lenders in the industry. PNC will be able to access Exchange directly from Empower;
  • LoanSphere Quality Insight - a loan quality assessment tool that automates internal quality control reviews, provides consistent feedback on investor and lender compliance requirements, supports remediation and exception processing, improves data integrity and reduces repurchase requests; and
  • Data and analytics offerings - solutions that help lenders and servicers improve performance; identify, reduce and mitigate risk; satisfy regulatory requirements; leverage cost savings; and create opportunities for growth.

After the Empower conversion is complete, PNC Bank will be a Black Knight Enterprise client, utilizing Black Knight technologies to manage its end-to-end mortgage and home equity operations. The new products being implemented will combine with existing capabilities provided by Black Knight -- including LoanSphere MSP; LoanSphere Bankruptcy and Foreclosure; LoanSphere Invoicing; LoanSphere Closing Insight; and insightful data and analytics -- to provide this end-to-end platform capability.

"Black Knight's technology solutions will support PNC Bank's mortgage and home equity operations and will help the company meet its compliance obligations and achieve greater efficiencies across the loan lifecycle," said Jerry Halbrook, president of Black Knight's Origination Technologies division. "This combination of Black Knight's technologies will deliver end-to-end capabilities to help PNC Bank manage its portfolios from point of sale through default. As a Black Knight Enterprise client, PNC Bank will be positioned to realize exponential value from Black Knight's comprehensive LoanSphere platform."

About LoanSphere
LoanSphere is Black Knight's premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle -- from origination to servicing to default. The platform delivers business process automation, workflow, rules and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight's LoanSphere helps lenders and servicers reduce risk, improve efficiency and drive financial performance.

Clients that use multiple LoanSphere offerings, such as Empower and/or LendingSpace, Exchange, Quality Insight, Closing Insight and MSP, are considered Black Knight Enterprise clients and can realize exponential value from the integration of these technologies, as well as the utilization of  Black Knight's comprehensive data and analytics.

About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.

Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.

For more information:

Michelle Kersch
Black Knight Financial Services
904.854.5043
michelle.kersch@bkfs.com     

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pnc-bank-signs-contract-to-use-black-knight-financial-services-loansphere-empower-loan-origination-system-to-originate-first-mortgages-and-home-equity-loans-300258284.html

SOURCE Black Knight Financial Services, Inc.

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