NEW YORK–CitiMortgage, a unit of Citibank, has entered into agreements to integrate its full suite of U.S. mortgage products into a single digital platform.
In a statement, CitiMortgage said its new “front-end digital experience,” called LoanFx, will be provided by Digital Risk, a provider of digital technology platforms and services. In addition, LoanFx will be complemented by a new loan origination system, LoanSphere Empower, from Black Knight.
CitiMortgage will initiate implementation of these new solutions immediately, with full production expected in early 2019, the company said.
“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, in a statement. “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.”
According to CitiMortgage, 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.
“With the ultimate goal of increasing client satisfaction, Digital Risk’s LoanFx solution is designed to streamline the client journey through the front end of the mortgage originations process,” the company said. “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.”