The fintech solutions today may have been unimaginable just a few years ago. But between the shift to an online business landscape brought on by the pandemic and increasing demand for digital-first solutions, the mortgage industry was quick to adapt to the new normal of conducting transactions through the virtual world.
Black Knight, a leader in providing innovations that enhance how businesses work with technology, data and analytics, has stayed ahead of the digital mortgage revolution since day one. The company’s Rapid Analytics Platform (RAP), for example, launched in 2019 and simplifies a client’s data and analytics workflow. RAP enables users to easily connect to diverse data assets and run advanced analytics on a single platform with real-time, high-speed processing capabilities to deliver fast results – even in the most complex cases.
Described as a “virtual lab,” RAP is being utilized by forward-thinking mortgage, real estate and capital markets professionals for the most advanced capabilities. From portfolio retention strategy, equity analysis and valuation to prepayment and default analytics, pre- and post-bid due diligence, performance benchmarking, and more, RAP significantly reduces the time, effort and cost for organizations in the mortgage industry to analyze large data sets and create models.
Behind RAP’s distinctive innovation is Black Knight’s team of experienced mortgage professionals who knew that clients could benefit significantly by realizing the business value of the company’s data and analytics. But in order for clients to glean actionable intelligence from that data about customers, prospects, opportunities and risk, an innovative tool would have to be built first. This led to the creation of RAP – a single, cloud-based environment with massive storage, compute and data science capabilities.
Since the launch of RAP, client adoption has accelerated quickly. As a result, Black Knight continues to make valuable platform enhancements, such as increasing scalability and adding new data sets.
The assets available within RAP include nationwide public-records property and MLS information, loan-level and historical mortgage performance data, daily rate lock data, AVMs, home price indices and more. Users have the choice to build their own analytics or leverage Black Knight’s highly experienced professionals to develop and deliver customized analytics, providing an extra level of available support.
With RAP, clients have a unique tool that arms them with the information needed to better allocate their resources more effectively. From risk management and portfolio research to economic modeling, benchmarking and investor reporting, RAP transforms how companies leverage data and support decision science strategies in their workflow.
By delivering computational power significantly greater than what most organizations have in-house, RAP is democratizing access to big data and analytics – allowing mid-sized and smaller lenders to contend in a competitive industry.
With an array of tailored features and a cutting-edge approach, RAP is truly fintech at the forefront of digital mortgage transformation.
