JACKSONVILLE, Fla., June 2, 2016 /PRNewswire/ -- Black Knight Financial Services, Inc. (NYSE: BKFS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, announced today that its LoanSphere Exchange platform directly integrates with the Federal Housing Administration's (FHA) Electronic Appraisal Delivery (EAD) portal. The EAD portal is a Web-based technology system for electronic submission of appraisal reports to the FHA, and lenders will be required to use it for new loan originations on or after June 27, 2016.
Exchange's direct integration with the EAD portal will help provide FHA-approved lenders with a seamless appraisal submission process while supporting their compliance requirements. Black Knight's Exchange is a Web-based technology that allows lenders and their service providers to connect and order products and services electronically through a secure, standards-based platform.
In addition to facilitating appraisal submission to FHA, Exchange offers a single solution for managing a wide range of appraisal services, helping to simplify the appraisal management process. Lenders can order, track and manage appraisals; leverage a high-performance evaluation tool that identifies risks within appraisal reports; submit loans to the EAD portal and UCDP; and arrange for a copy of the appraisal to be sent to the borrower, in accordance with regulatory guidelines.
"We are pleased to offer lenders another way to streamline the collateral valuation process and help lenders remain compliant with the ever-changing regulatory environment," said Dan Sogorka, president of Black Knight's RealEC Technologies division. "Exchange's direct integration with FHA's portal delivers a single source for collateral valuation solutions from the industry's leading providers."
The integration allows Exchange users to perform large batch uploads of appraisals, and supports MISMO data standards. Black Knight's Exchange can be accessed via a Web portal or through integration with a lender's loan origination system. The first customer went live on the EAD portal on May 23, 2016, and RealEC is preparing to roll out the solution for additional customers in advance of the June 27 deadline.
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
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SOURCE Black Knight Financial Services, Inc.