LoanCatcher is a browser-based LOS which lets mortgage brokers get the latest rates on loan products offered by over 120 wholesale lenders
Building on two recent acquisitions, software, data and analytics provider Black Knight is expanding the services it provides to mortgage brokers.
Black Knight says its new cloud-based loan origination system (LOS), LoanCatcher, is aimed at giving mortgage brokers affordable access to the same level of technology leveraged by the nation’s largest and most successful lenders.
LoanCatcher is a browser-based LOS that’s integrated with other Black Knight offerings, including Loansifter PPE, which lets mortgage brokers get the latest rates on loan products offered by over 120 wholesale lenders.
Built on the foundation of the NexSpring LOS acquired by Black Knight in March, LoanCatcher also integrates with Surefire, the company’s new CRM and mortgage marketing engine. Black Knight announced in May that it was acquiring Surefire developer Top of Mind Networks for $250 million.
Entrepreneurial brokers have been driving an increasing share of mortgage lending, and Black Knight is committed to serving that community and further enabling their growth, Rich Gagliano, president of Black Knight Origination Technologies, said in a statement.
Mortgage brokers fell out of favour after the 2007-2009 housing bust and recession, when many traditional banks shut down their wholesale lending divisions. The market share commanded by mortgage brokers plummeted from 32.1 percent in October 2007 to 5.9 percent in October 2011, according to data compiled by CoreLogic.
LoanCatcher lets mortgage brokers work with any wholesale lender they choose, regardless of system. For wholesale lenders that use Black Knight’s Empower LOS, LoanCatcher automates the process of transferring the data and documents for each loan.
We have a comprehensive solutions road map, and we are continuing to invest in bringing innovative technology to brokers that will help them grow their business, Gagliano said.
The rollout of LoanCatcher is the latest example of how Black Knight’s strategic acquisitions, coupled with strong organic growth, have helped the company post double-digit revenue growth.
In its most recent quarterly report to investors, Black Knight said revenue was up 23 percent from a year ago during the three months ending June 30, to $361.3 million.