CITI to Offer Digital Risk’s LoanFx for Enhanced Customer Experience


Digital Risk LLC announced Citi Mortgage 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-Back (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.