Tech can significantly ease many pain points in the origination process, but lenders may find that the time, cost and complexity of implementation make adoption difficult.
Black Knight solves this challenge with the Empower loan origination system (LOS) and its implementation model – Empower Now! The Empower Now! model offers reduced implementation timelines, costs and complexity, which means lenders can gain the benefits of Black Knight’s powerful, best-in-class LOS more quickly and easily. This unique deployment strategy can help regional banks, credit unions and independent mortgage bankers start using new technology in just a few months.
The Empower LOS offers lenders advanced features such as configurable workflows, intelligent automation, exception-based processing, embedded compliance testing and web APIs. Its integrated capabilities include digital point of sale, loan officer workspace, a modern pricing engine, comprehensive closing-fee service and actionable intelligence.
These features enhance the user experience for both borrowers and loan officers. Empower’s point of sale solution guides home buyers through the prequalification and application process, and loan officers can follow the borrower through these steps using the intuitive dashboard. The solution also provides loan officers with a single access point for products, pricing, pipeline information, rate-locking capability and more, which simplifies their work.
Empower uses advanced process automation to perform numerous tasks that do not require the need for human intervention, creating process efficiencies that reduce the overall cost per loan. Service integrations such as flood, appraisal and title can be handled lights-out, as well as the monitoring of closing-fee changes and generation of re-disclosures.
The solution’s task- and exception-based workflows help lenders significantly streamline processes for their employees. Its intelligent, end-to-end automation stretches across the entire origination lifecycle to reduce manual tasks and errors, decrease cycle times and enhance data consistency. The LOS systematically evaluates changes in loan data and alerts staff when a loan review is needed, helping decrease manual intervention and accelerate turn times.
The Empower LOS integrates with several of Black Knight’s innovative data and analytics solutions and its industry-leading MSP servicing system for straight-through processing. Lender-configurable loan-level state and federal compliance testing can be embedded directly into the LOS workflow, assisting lenders with addressing their compliance requirements.
And, as lenders look for ways to effectively scale their business, Empower can support monthly originations ranging from 100 to more than 10,000, which gives lenders the ability to continue to grow their business while avoiding the need to constantly increase staffing levels to keep up with growth.
“Empower offers everything that a lender needs on one comprehensive, integrated LOS to help dramatically increase efficiency, reduce origination costs and enhance the consumer experience,” said Richard Gagliano, president of Black Knight Origination Technologies. “And because Black Knight continually invests in Empower, our LOS supports lenders’ needs today and in the future.”