NexSpring was acquired by Black Knight in March of this year. Since that time, our team has had the privilege of working with multitudes of talented teams within Black Knight. Through the product of this collaboration, we have fully redesigned and rebranded the NexSpring Loan Origination System (LOS) into a new product called LoanCatcher. You can look for a press release for this exciting change soon from Black Knight.
We have a few major changes to announce along with the rebranding from NexSpring to LoanCatcher. Here is what you can expect soon for Release 68:
MISMO 3.4 Import
MISMO 3.4 is the new file format standard for loan applications in 2021. Our LOS has had the capability to export your loans from the LOS as a MISMO 3.4 file since early this year, but now you can import them the same way from other systems via the MISMO 3.4 file format.
Redesigned Borrower Application
The borrower application was the first product we ever built as part of NexSpring. After years of continuous feedback and small changes to the system, we decided it was time for a full redesign of the product. Here are the highlights:
- Navigation System allows borrowers to quickly navigate between sections of the application
- Next/Back Buttons eliminate confusion for borrowers and make it clear how to proceed through the application at any point.
- Interactive Error Feedback. Tapping the Next button before a page is completed will highlight the missing sections in the form and explain to the user what fields are required to move forward. Our internal tests show that these new features greatly increase the number of users that can successfully complete a loan application independently.
- Full Admin Visibility. Loan Officers and Processors can tap a new button to View the Borrower Application at any time to see exactly what the borrower is seeing. This includes all modules of the loan application, and the new Application Summary where borrowers can upload documents to their loan and complete workflow tasks.
Redesigned Admin Application
We have surveyed our users and received numerous points of feedback on the usability of the LOS. Working with Black Knight’s professional design team, we have created a new layout that we believe makes the LoanCatcher LOS the easiest LOS to use on the market.
- Navigation Menu shows everywhere you might want to go within the LOS. The navigation menu is located on the left side of the screen, and shows contextual links to everything within the LOS application. This menu is always present, but can be minimized by tapping the menu icon (three horizontal bars) at the top left of the screen. This menu also adapts to some pages, giving you an easy and consistent method to navigate everything available inside the LOS. The new navigation menu consolidates and replaces links that were spread throughout the application, so look here for the new way to navigation the application.
- Action Tab Items are available on the right side of the screen. Here we give convenient access to information and access that is contextual to the page you are working in. For example, on the Pipeline screen (formally known as the Dashboard), you can select filters to dynamically change your pipeline view to your needs. On any loan application screen, the loan actions will appear such as Loan Comments, Loan Contacts, Loan Documents, Loan Pricing. Tap through each of these tab items when you see them to see all of the new features they bring to the application.
New Colors and Branding
Along with the new features listed above, we are also bringing a fresh look to the LOS. You will notice new colors, fonts, shapes, and other design elements have been updated to match our new identity within Black Knight as LoanCatcher. We hope you enjoy the new look!
Have you ever wanted to try out a different pricing scenario and see how it affects LTV or the monthly payment? Scenarios allow you to copy a loan, make changes to it, and copy them back to the main loan when you are done.
Loan Scenarios were previously located in the taskbars at the top of the page. They will soon be located within the Pricing Action Tab on the right side of the page, but they will be briefly unavailable at the start of this release. Look for an announcement soon for loan scenarios returning to LoanCatcher.
Look for all of these changes soon when the LoanCatcher update goes live.