Black Knight Financial Services Introduces Tax for Loan Estimation to Help Lenders and Real Estate Professionals Quickly and Accurately Estimate Property Taxes
- Provides immediate tax estimation results for residential properties, including new construction homes
- Features nationwide coverage and supports a variety of delivery methods
- Supports lender compliance with tax estimation under the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure rule (TRID)
Sep 16, 2016, 09:00 ET
JACKSONVILLE, Fla., Sept. 16, 2016 /PRNewswire/ -- The Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) today announced the introduction of Tax for Loan Estimation (TLE), a new solution that helps lenders and real estate professionals quickly and accurately estimate property taxes during the residential real estate loan application process. TLE provides an immediate tax estimate and features nationwide coverage. In addition, the solution supports lender compliance with property tax tolerance rules for good faith loan estimates under TRID.
TLE, which can be tailored to meet a user's specific needs and delivers most estimates in real time, also provides tax bill values for new construction homes, saving lenders time by eliminating the need to review complicated builder reports. The information provided by TLE includes property address, parcel number, current tax bill data, assessment data, escrow to collect at closing and estimated tax bill amounts.
"Black Knight is pleased to provide this tool to help our clients solve complex problems related to tax estimation," said Kevin Coop, president of the Black Knight Data & Analytics division. "We understand that instant responses are valuable when making business decisions, and we also realize the challenges associated with estimating taxes on new construction homes. When developing the solution, we worked closely with clients to create a tax estimation product that delivers a positive user experience."
TLE results are provided through Black Knight's LoanSphere Exchange, a Web-based technology that enables lenders and service providers to do business electronically through a secure, standards-based platform. Later this year, clients will be able to access TLE directly through Black Knight's LoanSphere Empower, a comprehensive loan origination system that supports originations of first mortgages and home equity loans, and is used by lenders to manage retail, wholesale and consumer direct channels.
Results from TLE can also be delivered in XML format – batch or bulk – or through the PropertyTaxDirect.com website.
LoanSphere is Black Knight's premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight's LoanSphere helps lenders and servicers reduce risk, improve efficiency and drive financial performance.
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.
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