New York – Today, Citi announced it has entered into dual agreements to integrate its full suite of U.S. mortgage products into a single digital platform for its clients. A new front-end digital experience, LoanFx, from Digital Risk LLC, a leading provider of digital technology platforms and services, will be complemented by a new loan origination system, LoanSphere Empower, from Black Knight.
"With these best-in-class systems in place, we will revolutionize the experience we provide our clients, through every channel and product," said CD Davies, Head of CitiMortgage. These agreements are another critical step toward making mortgage a key differentiator for our franchise and delivering the full power of Citi's network to clients."
The best-in-class digital capabilities will enable 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.
Digital Risk's LoanFx solution is designed to streamline the client journey through the front end of the mortgage originations process. With the ability to aggregate data automatically, including automated income and asset information, Citi will be able to deliver digital disclosures, accelerate credit decisions and reduce cycle times, ultimately increasing client satisfaction.
Black Knight's Empower offers exceptional functionality, including integration with service providers for pricing, fees, compliance, appraisal, fraud and settlement services with seamless workflow and fully automated processes in many instances. Its comprehensive implementation and support model includes an existing integration with Cenlar, the company undertaking the servicing of Citi's owned mortgage loan portfolio, which will create a seamless process for clients after closing.
Citi will initiate implementation of these new solutions immediately, with full production expected in early 2019.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Mark Rodgers, Citi, 212-559-1719, email@example.com