Black Knight introduces AIVA, a virtual assistant for mortgage lenders
As a trusted business partner, Black Knight is always looking for ways to help our clients overcome their most critical business challenges. With the recent acquisition of HeavyWater, Black Knight now offers artificial intelligence (AI) and machine learning (ML) capabilities specific to the mortgage industry.
AIVA is a cutting-edge AI / ML virtual assistant that can help lenders speed up their processes, reduce expenses, and allow staff to be reassigned from repetitive tasks to focus on projects that are more strategic for business success. Available as a stand-alone assistant or integrated with an origination or loan service system, AIVA has the power to provide greater automation and efficiency to the origination process.
AIVA will be available with Black Knight’s Business Loan Origination System (LOS): Empower. Empower supports retail, consumer direct, wholesale and home equity lending channels by providing comprehensive functionality to electronically capture and process data for every facet of the loan origination process.
AIVA can read, understand and draw conclusions based on content and context to take on the “look and compare” responsibilities of today’s mortgage professionals. With AIVA, lenders will experience cutting-edge processing with human reinforcement to speed up processes, reduce expenses, and relieve staff of repetitive day-to-day tasks.
As AIVA gains more knowledge and manual routines are incorporated for automation, lenders will be able to focus on higher level projects and challenges.
AIVA’s skills include:
- Receive orders for LOS systems from lenders
- Order transcripts from the IRS through a credit bureau
- Make transcripts available to Fannie Mae as part of Day 1 Certainty
- Order bank statements using API or third-party apps
- Admission declarations by e-mail or API
- Send personalized emails to borrowers requesting account credentials
- Pull and organize accounts, view summaries or make available via API
- Review statement details and identify large deposits
- Calculate liquidity and maintain traceability in account statements
- Insurance documents against ingestion and flood risks
- Extract and identify key data
- Use key data elements to find the matching mortgage
- Identify insurance coverage gaps with full traceability to insurance documentation
“With the cost of origination nearing historic highs, our new AI / ML capabilities will help increase efficiency to improve turnaround times and lower costs for Black Knight customers,” said Rich Gagliano, President of Black Knight’s Origination Technologies Division.
“AIVA is the future for delivering enhanced productivity and capabilities to our customers, and we are very excited to apply this breakthrough technology to our powerful systems as we pursue our goal of helping transform the industry. mortgage. “
After integrating AIVA into its origination technologies, Black Knight will soon extend AI / ML capabilities to its service, data and analytics solutions. Combining Black Knight’s extensive fintech experience with AIVA’s advanced capabilities will provide lenders and repairers with powerful innovation that will significantly advance their operations.
INSTANTANEOUS: The AIVA platform is Black Knight’s virtual assistant for mortgage and real estate lenders. AIVA combines artificial intelligence (AI) and machine learning (ML) to perform certain mortgage functions faster and more accurately than traditional methods. AIVA helps lenders verify income, assets and insurance coverage in minutes, compared to the manual, error-prone, hours-long verification process.