The integration will provide digital management on any construction loan using data from Black Knight’s LOS and servicing system
Construction-lending software provider Built has announced an integration with Black Knight’s LoanSphere platform to capitalize on the growing demand in the construction lending market.
With the increase in construction loan demand, Built said owner-occupied products and renovation markets are well positioned to grow.
Under the integration, loan data from the LoanSphere Empower LOS and the LoanSphere MSP servicing system will be used to provide digital management on any construction loan. The integration will offer management capability throughout the loan life cycle, from origination through servicing.
The companies seek to relieve the burdens on loan administration by offering a transition into digital documents for increased transparency. According to Built, these administrative challenges were significant barriers for many lenders given the manual processes necessary for spreadsheets, phone calls, email threads, and other loan-related communications.
“Both lenders and servicers will benefit greatly from Built’s integration with LoanSphere, which connects lending functions and data to help clients reduce risk, improve efficiency, and drive financial performance,” Black Knight President Joe Nackashi said. “Built’s technology complements these capabilities by offering real-time data access to improve the overall experience between mortgage professionals, builders, and their borrowers.”Related stories:
FBC Mortgage launches joint venture with Florida homebuilder
Housing starts down 8% at the end of 2017
