Websites using Datatrac

Okay, let s break down DataTrac, covering its overview, revenue, alternatives, pricing (as best as can be determined), and customer care.

What is DataTrac?

DataTrac is a Loan Origination System (LOS) designed for mortgage lenders. It aims to streamline and automate the entire mortgage lending process, from initial application to closing and post-closing activities. It provides tools for:

• Loan Origination: Handling borrower information, application processing, credit checks, appraisals, and document management.
• Workflow Automation: Automating tasks and processes to improve efficiency and reduce errors.
• Compliance: Ensuring compliance with industry regulations.
• Reporting and Analytics: Providing data and insights to track performance and make informed decisions.
• Integration: Connects with third-party services like credit bureaus and appraisal services.

Key Features Typically Include:

• Loan Application Processing: Electronic loan applications and data entry.
• Automated Underwriting: Rules-based underwriting engines.
• Document Management: Secure storage and management of loan documents.
• Compliance Management: Tools to ensure compliance with regulations like TRID.
• Reporting: Standard and custom reports for tracking loan pipelines and performance.
• Workflow Automation: Customizable workflows to streamline processes.
• Customer Relationship Management (CRM): Managing borrower interactions.
• Pricing Engine Integration: Integration with pricing engines to find the best loan rates.
• Investor Reporting: Reporting tools for investors.
• Mobile Access: Mobile apps for loan officers and borrowers.

Revenue

DataTrac is owned by Black Knight. Black Knight as a company reported revenue of $1.5 billion. Revenue specific to DataTrac is not broken out.

Alternatives to DataTrac

The LOS market is competitive. Here are some popular alternatives to DataTrac:

• Encompass by ICE Mortgage Technology (formerly Ellie Mae): One of the biggest players in the LOS market. Known for its comprehensive features and integrations. It is a good competitor for large lenders.
• Calyx Point: A widely used LOS known for its ease of use and affordability, particularly popular among smaller lenders.
• Blend: A cloud-based platform that focuses on a modern borrower experience and collaboration.
• LendingPad: Cloud-based LOS solution with built-in CRM.
• OpenClose: A unified mortgage software platform that includes LOS, PPE, and other capabilities.
• SimpleNexus: Focuses on mobile-first experience for loan officers and borrowers.
• MortgageCadence: Another comprehensive LOS that focuses on automation.

When considering alternatives, factors to consider include:

• Size of your lending operation: Some systems are better suited for large enterprises, while others are ideal for smaller shops.
• Budget: Pricing varies significantly.
• Specific needs: Identify the features and integrations that are most important to your business.
• Ease of use: Consider the learning curve for your staff.
• Integration capabilities: Ensure the LOS can integrate with your other systems.

Pricing

Unfortunately, precise pricing information for DataTrac is difficult to find publicly. LOS pricing models are complex and often customized based on:

• Number of users: Per-user fees are common.
• Loan volume: Some vendors charge based on the number of loans processed.
• Modules and features: Pricing can vary depending on the features you need.
• Implementation and training: There are typically upfront costs for setup and training.
• Support and maintenance: Ongoing support and maintenance fees are usually charged.

How to Get Pricing Information:

1. Contact Black Knight Directly: The best way to get accurate pricing is to contact the Black Knight sales team. Be prepared to discuss your specific needs and loan volume.
2. Request Quotes from Multiple Vendors: Get quotes from DataTrac and several alternatives to compare.
3. Ask About Hidden Costs: Be sure to inquire about any additional fees for implementation, training, support, or integrations.

Customer Care Details

DataTrac, being a Black Knight product, typically offers a range of customer care services:

• Support Portal/Knowledge Base: Black Knight usually provides online resources, documentation, and a knowledge base to help users troubleshoot issues.
• Phone Support: Phone support is typically available during business hours.
• Email Support: Email support for less urgent inquiries.
• Training: Black Knight offers training programs to help users get the most out of the system. This may include online courses, webinars, and on-site training.
• Implementation Support: Assistance with implementing the system and configuring it to meet your specific needs.
• Account Management: Dedicated account managers may be assigned to larger clients.

How to Evaluate Customer Care:

• Response Time: Inquire about the typical response time for support requests.
• Availability: Check the hours of operation for phone and email support.
• Expertise: Ask about the qualifications and experience of the support staff.
• Customer Reviews: Look for online reviews of Black Knight s customer support.
• Training Resources: Assess the quality and availability of training materials.

In Summary:

DataTrac is a comprehensive LOS offered by Black Knight, targeting mortgage lenders. While pricing is not readily available and requires direct contact with the vendor, it s important to compare it with alternatives like Encompass, Calyx Point, and Blend. When evaluating, focus on your organization s specific needs, budget, and desired level of customer support.