Black Knight Financial Services Inc., a provider of integrated technology, data and analytics to the mortgage and real estate industries, says that its LoanSphere Empower loan origination system (LOS) will be integrated with PitchPoint Solutions, a provider of mortgage fraud risk services, by the second quarter of 2017.
According to Black Knight, the integration will enable Empower users to seamlessly access PitchPoint’s tools to help detect fraud schemes, as well as vet third-party providers on first-lien and home equity loan originations to support investor and regulatory compliance.
PitchPoint is used by lenders for validation of settlement agents before working with them on the Closing Disclosure, as well as for wire-transfer verifications. The solution, newly integrated with Empower, also provides other loan-fraud risk tools to support a lending operation and includes unique alert features and online access to fraud researchers.
As reported, users of the Empower LOS will be able to easily configure rules and workflow to support the review of risk factors and address each alert to help prevent unnecessary delays to the closing.
With the PitchPoint integration, lenders that use PitchPoint through Empower can streamline their loan fraud tests and vendor vetting – including wire-transfer instruction verification – to assist in improving loan productivity. The tests flag fraud and other risk factors related to the borrower, occupancy, undisclosed liens, income, employment, collateral and participants to the transaction. The integrated solution helps confirm that participants, including settlement agents, third-party originators and appraisal management companies, are vetted to work on the loan.
The integration also provides additional tools to assist in detecting cyber fraud, such as fraudulent wire transfer instructions as highlighted in recent Fannie Mae and FBI bulletins.
“The launch of the PitchPoint integration fully leverages the newly enhanced Empower workflow and rules features to perform an assessment of settlement agents associated with the loan and to help lenders reduce risk,” says Jerry Halbrook, president of Black Knight’s origination technologies division. “Black Knight is proud to incorporate integrations that enhance our technologies to further help protect our clients from the cost and negative impact resulting from mortgage fraud.”