Citi unleashes single digital platform for mortgages
Citi has made dual agreements to integrate its suite of US mortgage products into a single digital platform for its clients.
A new front-end digital solution, LoanFx, from Digital Risk, a provider of technology platforms and services, will be complemented by a new loan origination system, LoanSphere Empower, from Black Knight.
The bank says this development will enable its mortgage clients to go through the full loan cycle, from research to application, processing, scheduling appraisals, handling title, to closing, “through the channel of their choice – and at their own pace”.
LoanFx provides the aggregation of data automatically, including automated income and asset information. Citi says it will be able to deliver digital disclosures, and “accelerate credit decisions and reduce cycle times”.
Empower’s functionality includes integration with service providers for pricing, fees, compliance, appraisal, fraud and settlement services with workflow and automated processes. Its implementation and support model includes an existing integration with Cenlar, the company undertaking the servicing of Citi’s owned mortgage loan portfolio.
Citi says it will start implementation of these new solutions immediately, with “full production” expected in early 2019.