Truist expands partnership with Black Knight for Origination & Servicing Technologies

By Pavithra R

Black Knight, a leading provider of technology, data and analytics solutions that facilitate and automate business processes across the mortgage lifecycle has announced that Truist, the sixth-largest commercial bank in the U.S., has expanded its agreement of using Black Knight’s comprehensive suite of solutions across mortgage originations and servicing.

The agreement includes expansions and renewals across the unified Truist enterprise of both LendingSpace correspondent lending system, Empower loan origination system (LOS), and the MSP mortgage servicing platform. The bank is also expanding its use of Black Knight technology, data and analytics solutions to help further drive operational efficiency while minimising costs and risk.

“As we integrate these two storied financial institutions into Truist, it is critical that our technology supports our growth objectives, allows us to become more efficient, reduces costs across our mortgage operations and assists with our compliance efforts. Both heritage companies had long-standing, strategic relationships with Black Knight, so supporting our operations by leveraging its innovative capabilities and benefitting from the continuous investments the company makes in technology made perfect sense. Black Knight’s fully integrated suite of solutions will prove invaluable in helping us provide our clients with a best-in-class experience and support our purpose of inspiring better lives and communities,” said Todd Chamberlain, head of Truist Mortgage.

Under the partnership agreement, Truist will:

• Increase use of Black Knight MSP servicing system to support its mortgage servicing operations.
• Use the Actionable Intelligence Platform (AIP), integrated with the Empower LOS, LendingSpace platform, and MSP system, for proactive, strategic and actionable adding insight into its mortgage pipeline to enhance efficiencies in the origination process.
• Expand use of Empower, Black Knight’s comprehensive LOS, to originate loans within its retail operations, and the LendingSpace platform to purchase loans in support of its correspondent channel.
• Use Black Knight’s Tax for Closing Disclosure (TCD) for estimating property taxes, streamline the company’s origination process and improve borrower experience.
• Implement Black Knight’s data and analytics solutions, including the AFT Prepayment and Credit Model, a risk model that forecasts prepayments, defaults and losses for mortgage-backed securities, whole loans and portfolios.

“When BB&T and SunTrust merged, Truist had the opportunity to chart a course for the future of a combined enterprise that ranks among the largest banks in America. We are proud that Truist not only recognized Black Knight as the right partner for that future, but also expanded its use of our integrated suite of end-to-end mortgage solutions to help drive efficiency, reduce costs and improve client relationships. We look forward to extending our long-term collaborative relationship and benefitting from Truist’s forward-thinking approach and strategy,” said Joe Nackashi, president of Black Knight.

Recently, Truist Financial selected Global Payments for credit card processing services.

BB&T and SunTrust have joined to become Truist. The company is offering a wide range of services including retail, small business and commercial banking; asset management; commercial real estate; corporate; capital markets and institutional banking; insurance; mortgage; payments; specialized lending and wealth management.