Jacksonville, Florida-headquartered technology services provider, Black Knight Inc. [1] has announced that Gateway First Bank [2], one of the 10 largest banks by assets in Oklahoma now uses Black Knight’s Ernst Fee Service.
Black Knight said that this enterprise solution provides lenders and settlement agents with accurate recording fees and taxes to assist a lender with its TRID compliance efforts. Gateway First Bank will use the fee and monitoring service to help mitigate risk associated with fee cures and enhance the consumer experience.
“We needed a trusted provider that could automate our fee and closing cost data to help us more accurately disclose fees to customers,” said Whitney Barth, VP, Product Development Management for Gateway First Bank. “Fees frequently change during the loan process, and Black Knight’s Ernst Fee Service lets us provide our customers with accurate fees based on the closing date and automatically update those fees within our loan origination system.”
Ernst Fee Service is used by lenders to minimize costly fee cures by providing accurate recording fees, transfer taxes, property tax, title, settlement, and inspection data. This enterprise-wide solution provides all relevant third-party vendor fees that are required on the loan estimate and closing disclosure. According to Black Knight, Gateway will further customize its use of Ernst Fee Service to manage its own proprietary fee data, while exposing fees and fee changes in a more automated way.
“We are pleased to support Gateway First Bank with advanced capabilities that will help improve the accuracy of disclosures and better prevent fee cures,” said Rich Gagliano, President, Black Knight Origination Technologies. “Black Knight’s passion for accuracy carries through everything we do, and our fee service is no exception. We’re committed to providing our clients with the most accurate closing costs so that they can provide the best customer experience.”
Ernst Fee Service’s patented monitoring service will also automatically recalculate loan values, alert the lender and update the loan origination system if there has been a fee increase due to a changed circumstance that allows for a revised loan estimate.