Black Knight Financial Services, Inc. has made several significant enhancements to LoanSphere Empower, the company’s loan origination system (LOS) that supports the retail, wholesale and consumer-direct lending channels. Empower’s features and functionality help lenders increase efficiencies, maintain regulatory compliance, mitigate risk and improve customer service. Key enhancements delivered in version 7.0 of the Empower LOS include:
>>Updates to support the expanded data collection requirements in the CFPB’s final rule for the Home Mortgage Disclosure Act (HMDA). This includes borrower demographic information, loan costs, automated underwriting system evaluation information and property information, as well as the Legal Entity Identifier and Universal Loan Identifier.
>>Establishes the architectural standards and protocols to support multi-device user experience, including the Representational State Transfer Application Program Interface (REST API) framework that enables lenders to access Empower functionality and data from various mobile devices.
>>An enhanced user interface to help increase lender productivity using a more intuitive navigation and a simplified screen presentation.
>>New capabilities for home equity lines of credit (HELOCs) that allow clients to configure special introductory promotional rates and perform mass repricing of HELOCs in the pipeline.
Empower 7.0 also includes technology integrations that help further streamline lenders’ processes, such as:
>>Access to quick, reliable property tax data through Black Knight’s Tax for Loan Estimation and Tax for Closing Disclosure products
>>A new LoanSphere Loan Boarding optimized file for servicing
>>LoanSphere Expedite to support eSign and eDelivery capabilities
>>Additional support for managing fraud-risk detection through PitchPoint
“Empower 7.0 offers dynamic, innovative capabilities to help clients deliver an exceptional customer experience, increase productivity and address regulatory requirements,” said Jerry Halbrook, president of Black Knight’s Origination Technologies division. “This is just one example of how Black Knight continues to make significant investments in Empower to provide clients with a sophisticated loan origination system that has superior capabilities.”
The Empower LOS delivers the functionality to electronically capture and process data for every facet of loan origination and can be hosted by Black Knight at its data center or self-hosted by a lender. To support regional and mid-market lenders, as well as independent mortgage bankers, Black Knight offers Empower Now!, a version of Empower that greatly streamlines the implementation process, resulting in reduced timelines and costs. Empower is seamlessly integrated with Black Knight’s LoanSphere MSP, a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default, for first mortgages and home equity loans.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.