Fully Digital, Contactless Real Estate Transactions a Step Closer as Black Knight Expands its Expedite Close Platform
Black Knight, a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced that it has delivered new capabilities in the company’s Expedite Close digital closing solution to more easily facilitate fully digital real estate transactions. Already leveraging advanced intelligence to choose the best, most permissible way to digitally close a loan for each jurisdiction, Expedite Close now offers detailed, document-by-document guidance to help borrowers through the closing package, allowing for a more efficient, contactless process, up to and including the remote online notarization (RON) of all necessary paperwork.
“Expedite Close has already played a pivotal role in widening industry adoption of eClosing by supporting both hybrid and fully digital processes according to lenders’ needs and local requirements, while leveraging advanced intelligence to close a loan in the best way possible,” said Rich Gagliano, president of Black Knight Origination Technologies. “By giving borrowers access to the same knowledgeable insight into loan documents and line items they would typically receive in-person at the closing table, Expedite Close provides the detailed information and advanced functionality needed to complete an efficient and effective closing process in a timely manner, while operating in a secure, digital environment.”
Upon initiating an eClosing process through the Expedite Close platform, borrowers are now provided a clear overview of documents to be reviewed and signed, as well as individual tags within documents to help them make informed decisions as they complete the required tasks. These tags are configurable by the lender and help the borrower understand information within each document, such as monthly principal or interest payment amounts, prepayment penalties, and other items of importance.
Expedite Close can guide borrowers through every step of the closing process, up to and including online notarization of required documents. Since the beginning of the COVID-19 pandemic, 48 states and the District of Columbia have either passed RON laws or are operating under executive orders allowing the practice. This innovative solution helps streamline the eClosing process for lenders and other participants, while enhancing the consumer experience in a fully digital environment. Lenders will benefit from improved borrower satisfaction as well as increased efficiencies.
“Unfortunately, with cases rising nationwide, COVID-19 will be impacting in-person closings for quite some time to come,” said Gagliano. “As such, the need for a comprehensive eClose solution has never been greater. Expedite Close meets the challenges of today’s closings and makes the digital mortgage process as simple as possible for both our lender clients and their customers. A fully guided closing experience, coupled with seamless eNotarization and eVaulting capabilities, is precisely the solution for today and the future.”