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Gateway First Bank Chooses Black Knight’s Suite of Origination Technologies to Support Both Retail and Correspondent Growth

Will Leverage Machine Learning to Significantly Improve Operational Efficiencies for the Bank’s Correspondent Operations

Black Knight, Inc. announced that Gateway First Bank, one of the largest banking and mortgage operations in the United States, has signed a contract to use Black Knight’s Origination Technologies Suite. The innovative suite includes AIVA, the company’s artificial intelligence solution, to help improve operational efficiencies for both its retail and correspondent operations.

“The combined power of both AIVA and Empower provides an effective set of tools that will help reduce both origination costs and risk as we continue to expand lending operations,” said Stephen Curry, chairman and CEO of Gateway First Bank. “Leveraging AIVA’s innovative capabilities increases processing speed, simplifies compliance and improves accuracy. With Empower, we are utilizing best-in-class technology to enable our lending teams to deliver a great customer experience.”

Gateway Mortgage, a division of Gateway First Bank, will use Black Knight’s Empower enterprise loan origination system (LOS), which is used by lenders of all sizes to electronically capture, process, underwrite and close loans in support of their retail, wholesale, consumer direct, correspondent and home equity channels. With its task-based orchestration engine to trigger automated or manual tasks based on configurable logic — referred to as lights-out processing — lenders can easily coordinate, assign, monitor and process multiple tasks within the Empower system and actively monitor for key data changes to significantly improve operational efficiencies. Empower also provides easy access to data and documents through web APIs, which are needed to provide consumers with a digital user experience.

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Gateway First Bank will also use AIVA, a cloud-based platform that uses machine learning to automate tasks, performing these tasks much faster and more accurately than humans. AIVA can read and comprehend non-standard or inferior quality documents without additional programming or updates; identify various data fields and extract specific information from a document; and determine if there is any inconsistent or missing information. Lenders can verify and/or modify the extracted data before it is uploaded in the loan origination system, which increases lender efficiency, while significantly lowering loan processing costs. AIVA will enable Gateway to improve efficiencies when receiving/reviewing loan data and documents, save time by checking to confirm that all documents are included and identify whether any information is missing on loan documents.

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The following technology solutions are also part of the Origination Technologies Suite that Gateway First Bank is using to support its retail and correspondent operations:

  • Actionable Intelligence Platform, which offers instant access to information from multiple data sources to help forecast and monitor loan volume;
  • Expedite Close, which includes an eSign and eDocument delivery platform;
  • Exchange, a web-based technology that allows lenders and more than 27,000 service and solution providers to connect, order and exchange loan-related products and services electronically through a secure, standards-based platform;
  • Ernst Fee Service, which minimizes costly fee cures by providing accurate recording fees, transfer taxes, property tax, title, settlement and inspection data.

“AIVA will make a big difference in Gateway First Bank’s ability to drive operational efficiency as its business grows,” said Rich Gagliano, president of Black Knight’s Origination Technologies division. “Through ‘her’ ability to mimic cognitive thinking, AIVA will help Gateway First Bank continue to improve transaction turn times and enhance performance.”

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