Black Knight, Inc. has integrated its Ernst Fee Service with its nationwide property tax data to provide Ernst clients with faster, more accurate tax estimates.
Ernst Fee Service is the company’s comprehensive technology that helps lenders streamline the closing fee data process by delivering near- real-time loan estimates and closing disclosure fees.
“Our focus is to provide robust fee solutions that help clients create efficiencies, mitigate risk, reduce fee cures and enhance borrower satisfaction,” Black Knight President of Origination Technologies Rich Gagliano, said in a release. “The integration with Black Knight’s property tax data enables us to continue delivering these critical benefits to our clients. Now, Black Knight clients are able to more quickly and cost-effectively obtain accurate, nationwide property tax estimates, even for new construction.”
Black Knight collects tax data directly from the source, whether it be state, county, and subagencies, and refreshes it regularly. It then identifies all applicable taxing agencies for a property and determines the most effective method of estimating taxes depending on geography.
With this data, lenders can provide borrowers with a better borrowing experience by reducing surprises and with fewer escrow shortages, the company stated. The integration of the tax information also supports compliance with the Consumer Financial Protection Bureau standard requiring lenders to provide customers with the best property tax information reasonably available. Lenders also receive the data quickly to support compliance with TILA-RESPA timelines.