Black Knight announced Tuesday that it has integrated the company's Ernst Fee Service with Black Knight's nationwide property tax data.
Jacksonville, Florida-based Black Knight is a software, data, and analytics company that drives innovation in the mortgage lending and servicing, and real estate industries, according to company literature, as well as the capital and secondary markets.
Ernst Fee Service is Black Knight's comprehensive technology that helps lenders streamline the closing fee data process by delivering accurate, near-real-time loan estimate and closing disclosure fees, according to a press release from Black Knight. The integration with Black Knight's property tax data will help provide Ernst clients with significant benefits, including faster, more accurate tax estimates.
To deliver premier property tax data, Black Knight identifies all applicable taxing agencies— including state, county, and subagencies—and then determines the most effective method of estimating taxes, which varies by geography. In addition, Black Knight collects tax data directly from the source and refreshes it on a regular basis, so Ernst clients will receive reliable and current information.
Armed with its property tax data, lenders can provide their borrowers with an improved borrower experience at closing by reducing surprises with fewer escrow shortages. The tax data integration also supports compliance with the Consumer Financial Protection Bureau (CFPB) standard that requires lenders to provide consumers with the best property tax information reasonably available. In addition, lenders receive the tax data quickly to support compliance with TILA-RESPA timelines.
"Our focus is to provide robust fee solutions that help clients create efficiencies, mitigate risk, reduce fee cures and enhance borrower satisfaction. The integration with Black Knight's property tax data enables us to continue delivering these critical benefits to our clients," said Rich Gagliano, President of Black Knight Origination Technologies. "Now, Black Knight clients are able to more quickly and cost-effectively obtain accurate, nationwide property tax estimates, even for new construction."