Homeowners can now use an app provided by their loan service to manage payments, as well as track the current value of their home, check refinancing rates, make mortgage insurance purchases, and send requests for help when they have trouble making mortgage payments.
Black Knight has made these “self-service” capabilities available to consumers through Digital service a solution that is now integrated with several of the company’s other offerings, including its Automated Pricing Models (AVM) and Optimal Blue PPE, a widely used product, pricing and eligibility engine.
Black Knight introduced the Digital service in 2018 to help mortgage borrowers make payments, view detailed payment history, and explore scenarios for repaying or refinancing their loan.
The AVM integration of Black Knight’s Collateral Analytics enables consumers to get an accurate picture of how much their home is worth by using the same pricing models used by lenders in underwriting loans and calculating refinancing opportunities. And the Optimal Blue PPE integration gives consumers instant access to personalized pricing and refinancing criteria – giving loan providers the ability to “pay back” homeowners when they refinance, the company said.
“The strength of Black Knight is that we can combine many of our solutions to improve customer engagement and service efficiency,” said Black Knight President Joe Nakashi in his keynote speech. statement… “With customer retention close to historic lows, a growing number of service centers are realizing that delivering superior customer service is key to success.”
Fannie Mae and Freddie Mac dropped Refinancing fee of 50 basis points on August 1, which could provide an additional incentive for homeowners to refinance their existing mortgage. The commission was about $ 1,400 for a borrower refinancing a typical $ 280,240 mortgage.
Black Knight also touts the digital service as a tool that can help homeowners who are having trouble paying by allowing them to initiate requests for assistance – including relief, abstinence extensions, or loan changes – without having to call.
This feature could help loan professionals cope with what is expected to lead to a large number of homeowners seeking help when their plans to abstain from the pandemic come to an end in the coming months.
Black Knight estimates that 65 percent active abstinence plans, representing 1.2 million homeowners, are due to expire this year. With so many plans expiring in such a short time, this fall, loan servicers could deal with an average of 18,000 homeowners breaking out of leniency every workday this fall.
Consumer Financial Protection Bureau finalized new rules in Junewarning lending institutions not to initiate foreclosure procedures with borrowers until they are given the opportunity to seek help but do not qualify, or if the home has been abandoned or the borrower cannot be reached.