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Black Knight recently launched a portal that allows customers, third-party service providers, and their developers to access the company’s application programming interface (API) throughout the mortgage loan lifecycle.
Called the Developer Portal, customers can use the Black Knight API to quickly integrate additional functionality into their apps, the company said in a launch announcement.
The first phase of the portal will include APIs specific to Black Knight’s service technologies and will expand to include lending and secondary market offerings.
By providing easy, self-service access to the API catalog and all the tools you need, the developer portal enables customers to continue to innovate by rapidly integrating their applications and data to help achieve desired business outcomes, the company said in a statement.
Black Knight has introduced new features for services to connect with homeowners, including integration with the digital servicing platform Servicing Digital and its Surefire CRM, a mortgage-specific marketing automation and content solution.
Delivered as an app or web design, Service Digital gives customers access to information related to loans and housing. Black Knight CEO Joe Nakashi said the integration could help providers improve long-term retention rates.
Its new tool also allows lenders to cut costs in a higher-rate environment. For example, it allows the lender to start a plan in the summer, compare the loan time and close the closed loan disclosure to reduce expenses.
The Black Knight is about to buy in other priority giants in the data space. In May, ICE announced a definitive agreement to acquire Black Knight for $13.1 billion, valuing the company at $85 per share.
Trade groups and investors have voiced antitrust concerns following the announcement. If the deal closes, the two companies will control about two-thirds of the software currently used to originate and service mortgage loans in the country.
Most recently, House Financial Services Committee Chairwoman Maxine Waters sent a letter to the Federal Trade Commission (FTC) arguing that the merger would increase consumer credit prices and reduce competition.
Waters wrote to FTC Commissioner Lina Kahn in December, arguing that a combination of ICE and Black Knight could hurt small lenders that rely on vendors for their technology needs, as it would significantly curb bad debt. responsible innovation and limitation of supplier competition, allowing ICE to occupy a dominant market share.
ICE claims the merger will modernize the mortgage lending platform and that the merger “will provide significant benefits to U.S. homeowners and industry stakeholders. ICE CEO and Chairman Jeffrey Sprecher said in its third-quarter earnings call that the Black Knight stack will be improved in exchange for lower costs per unit mortgage loans and new products created by mergers to address antitrust concerns.
Reference Source: Housing Wire
