Digital Risk’s LoanFx™ To Provide CitiMortgage a Fully Digital Integrated Mortgage Origination Platform
Maitland, Fla. – (January 08, 2018) – Digital Risk LLC, an Mphasis company, a leading End to End Origination, risk, compliance, and technology services company providing differentiated solutions to the mortgage, consumer lending, and other regulated industries, today announced CitiMortgage as a marquee client for its digital mortgage platform, LoanFx.
LoanFx, designed for self-service, will be integrated in all of CitiMortgage’s digital channels, including mobile and tablet interfaces. Citi clients will now benefit by becoming verifiers, instead of suppliers of information. LoanFx will also provide real-time updates throughout the process to Citi loan officers, their clients, and their realtors for increased transparency.
“We are excited to implement Digital Risk’s Digital Mortgage Platform, LoanFx, which will provide our clients and loan officers with a single hub to manage the mortgage application through loan closing, along with best-in-class integrated communication tools and seamless customer information and data validation services,” said David Smith, head of Originations Operations for CitiMortgage. “Citi will benefit from an improved client experience and enhanced digital acquisition capabilities.”
“LoanFx is Digital Risk’s solution for the mortgage industry’s demand for a full-service digital originations platform, enabling Citi’s clients to experience the entire process from application to underwriting and loan approval in as little as 20 minutes,” said Jeff Taylor, Co-Founder and Managing Director of Digital Risk. “This will also significantly reduce the cycle time of the entire mortgage process.”
Citi will utilize LoanFx to combine its full suite of mortgage products into a unified digital customer experience and will be integrated with CitiMortgage’s new loan origination system, LoanSphere Empower, from Black Knight. Joint implementation will start immediately and full production is expected by early 2019.
“CitiMortgage’s integration of LoanFx supports Digital Risk’s Front-to-BackTM (F2B) transformation approach, which focuses on significant improvement in customer satisfaction, cost and cycle time,” said Puneet Bhirani, Chief Executive Officer of Digital Risk. “This will also enhance our end-to-end solutions that are currently used by more than a dozen top tier global banks and mortgage originators.”
LoanFx also provides Citi with a lender portal that enables mortgage loan officers to fully manage a client’s loan file from application to closing, as well as a suite of communication tools including instant messaging and co-browsing on the client’s device. The platform will provide identity verification, the ability to import payroll, tax and bank data, to order and pay for an appraisal and to generate instant approval letters and initial disclosures.
Click here for more information on the Digital Risk LoanFx platform.
About Digital Risk, LLC
Digital Risk, LLC is a leading end to end originations, risk, compliance, and technology services company that offers differentiated solutions to the mortgage, consumer lending, and other regulated industries. The individual talents of Digital Risk’s thousands of analysts are amplified by the company’s proprietary technology and advanced analytics performed using the Making Mortgages Safe™ solutions suite. Digital Risk, LLC is a wholly owned subsidiary of Mphasis Ltd, a Blackstone Company. To learn more, visit www.DigitalRisk.com.
Mphasis (BSE: 526299; NSE: MPHASIS) enables customers to reimagine their digital future by applying a unique formula of integrated cloud and cognitive technology. Mphasis X2C2TM formula for success, (anything to cloud powered by cognitive), drives multi-dimensions of business value with an integrated consumer-centric Front to Back Digital Transformation™, enabling Business Operations and Technology Transformation. Mphasis applies advancements in cognitive and cloud to traditional application and infrastructure services to bring much needed efficiency and cost effectiveness. Mphasis’ core reference architectures and tools, combined with domain expertise and hyper specialization are the foundation for building strong relationships with marquee clients. Click here to know more.