Before we get into how to optimize processes through NetDirector’ integration with Black Knight’s Process Management application, let’s go over some basics.
Who is Black Knight?
Black Knight Financial Services (Black Knight), formerly Lender Processing Services, is a national technology and service provider that offers a full suite of products and services that enables its clients to streamline the various originations, servicing and default processes. Their most widely used solution for streamlining the default process is Process Management™. This Web-based, workflow solution allows servicers to configure the default process not only with their requirements, but state and investor requirements as well. Another common default tool is Data Integration Services or DIS. All system integrations that feed data into Process Management flow through DIS.
How does NetDirector’s integration with Black Knight work?
NetDirector has been integrated with Process Management via DIS for over 8 years. The DIS service contains numerous interfaces with each one targeting a specific process that is performed through the Process Management application. We like to remind users of the different functionality or these interfaces so attorneys can continually add automation to their business process.
Now that you have the basics down, let’s get a little more detailed.
How can you utilize NetDirector’s integration with Process Management to optimize my processes?
Those attorneys that are currently using integration typically receive referral information through one DIS interface, however it is usually just for “New” referrals. Many firms do not realize they can receive other statuses such as “On Hold”, “Off Hold” and “File Closed” as well. Receiving these additional status changes allows firms to quickly update their Case Management System (CMS), trigger notifications, pause other processes (events), and more importantly, record the time and date a file status is changed. This is particularly important when reporting information back to investors such as Freddie Mac or Fannie Mae. These new status changes or transactions are still identified as a “New” referral except the status is different. If attorneys do not want to disrupt their current integration, NetDirector can target these added status updates and re-direct them to an additional connection. This allows the firm to build a separate process from the new connection. However, often clients will intake these status changes and build their own business logic based on the status update.
In addition to the status changes, attorneys can also receive sub-process referrals. These are defined as referrals that are not new but are launched and sent when a previous process step is complete. For example, when the Sale Scheduled For date is entered into Process Management (whether manually or through DIS), it can trigger the SCRA Sale Eligibility sub process to launch. An attorney can intake this information and schedule additional automation (running military search, scheduling tasks) based on the Due Dates of the steps contained within the sub process.
Additionally, you have the information needed to complete the steps/DDF and document uploads. Receiving this information allows you to take the next step faster and shorten the entire process timeline – improving your scorecard performance.
Current customers can start utilizing these new sub-processes and status changes quickly with their current integration and each status change or sub process only counts as a base transaction toward your monthly total.
How do you benefit from NetDirector’s integration with Black Knight’s Process Management technology?
1. You can be confident your data is secure
2. Drives improvements in quality and performance
3. Improves scorecard performance
4. Improves efficiencies so you can reallocate staff from manual tasks to more value-based services
5. Matches status of Black Knight to the status in Attorney’s CMS
6. You will know in real time when time requirements start for billing
7. You will know not to send certain events when a file is on hold/closed
8. Helps track Holds and Reasons Why (Fannie Mae DMRS requirements to report delay open/end)
Contact your Integration Analyst today to start utilizing the Process Management enhancements through NetDirector.