As mortgage companies want to expand their offerings and offer their customers fully digital experiences, Black Knight announced the acquisition of DocVerify.
A Black Knight representative said the terms of the deal will not be disclosed.
DocVerify's e-notary functions – both in person and online – aim to ensure an optimized and verified transmission of sensitive information. Fintech's products have already been integrated into Black Knight's digital locking platform, Expedite Close.
"Black Knight and DocVerify are an excellent strategic fit because our solutions and platforms complement each other," said Anthony Jabbour, CEO of Black Knight, in a press release.
Anthony Jabbour is the CEO of Black Knight.
"Digital documents are becoming the norm for doing business in nearly every industry," he added. "Black Knight and DocVerify share a commitment to help our customers get closer to one by digitizing the document validation process and a highly secure e-notary solution that our mortgage and real estate customers can use to provide a 100% digital solution secure paperless environment close. "
The coronavirus highlighted the importance of remote settlement capability and the blind spots in the mortgage industry. And studies of the most powerful contingent of homebuyers – millennials – regularly show they expect the convenience of doing transactions online.
"Features like online applications, automatic updates, and e-closing provide millennial customers with the seamless digital experience they expect and give them time for the human interaction necessary to answer questions or concerns they may have. when they're first navigating the home buying process. "Joe Tyrrell, chief operating officer at Ellie Mae, said in the company's latest report on millennial home buying behavior.
The DocVerify transaction is in line with Black Knight's overall goal of offering a range of products that cover the entire mortgage process. The takeover of DocVerify takes place exactly one month after the buyout of the pricing machine provider Optimal Blue. In March, Black Knight signed a purchase agreement for Collateral Analytics, a provider of automated valuation models.
The acquisition "will benefit both the customers of both companies and the industries we serve," said Darcy Mayer, CEO and founder of DocVerify. "Both Black Knight and DocVerify focus on developing innovative technologies that are versatile, easy to use, and provide optimal security for our customers."
Trasimene Capital Management was Black Knight's advisor.