- Cadence Bank has chosen Black Knight for its full suite of integrated origination and servicing solutions, including the Empower loan origination system and MSP servicing system
- End-to-end functionality, automation tools and proven support for regulatory compliance were key factors in Cadence Bank’s selection of Black Knight’s solutions
- Cadence Bank can realize exponential value in leveraging multiple Black Knight solutions across the enterprise, including origination, servicing, default and data and analytics
JACKSONVILLE, Fla. – March 22, 2021 – Today, Black Knight, Inc. (NYSE:BKI) announced that Cadence Bank, a full-service, regional bank based in Atlanta, has selected Black Knight’s integrated, end-to-end origination and servicing technology solutions to support its entire mortgage and home equity business, expand its current functionality, and boost operational efficiencies. Cadence Bank will see the significant, cumulative benefit that comes from leveraging multiple, seamlessly integrated Black Knight solutions with embedded data and analytics to support every stage of the mortgage and home equity origination, servicing and default life cycles.
“Black Knight’s reputation as a leader in innovation and customer support was instrumental in our decision-making,” said Sharon Geib, president, Cadence Bank Mortgage Division. “The company’s origination and servicing technologies are truly best-in-class, and its solutions have a proven history of supporting regulatory compliance. We’re looking forward to benefitting from seamless, end-to-end integration between our origination and servicing systems and leveraging these tools to provide an enhanced customer experience.”
Cadence Bank will use Empower, a comprehensive loan origination system (LOS), to support both its mortgage and home equity business, helping electronically originate, process, underwrite and close loans on a single platform. The Empower system’s advanced capabilities are designed to automate processing of many time-consuming tasks based on the lender’s configuration without the need for constant human intervention – often referred to as “lights-out processing.” The LOS actively monitors for key data changes or specific parameters that were created by the lender – and triggers both automated or manual tasks to be completed based on configurable logic, when appropriate.
Empower has many integrated capabilities that help to accelerate origination productivity through technology. Integrations include a comprehensive, modern product, pricing and eligibility engine and a digital point-of-sale solution that enhances the mortgage application process for both borrowers and loan officers. Black Knight’s digital close solution – with eDelivery and eSigning capabilities – continues to support that enhanced borrower experience through closing. Black Knight is also providing machine-learning technology for document classification and indexing; a fee service to help mitigate the risk associated with tolerance cures; property tax data; automated compliance validation testing; and an actionable intelligence solution that delivers instant access to information from multiple data sources to help forecast and monitor pipeline, productivity, cycle time and pull-through.
Cadence Bank will also leverage a number of Black Knight servicing solutions, including the leading MSP servicing system, which offers advanced, scalable, end-to-end functionality to help mortgage servicers of all sizes manage their operations – including payment processing, escrow administration, customer service and default management. MSP will help Cadence Bank boost efficiency, reduce operating costs and improve risk mitigation. Currently, the MSP system is used to service approximately 36 million active loans.
“We remain focused on providing innovative and integrated solutions that bring tangible benefits to our clients, and we’re pleased that Cadence Bank will now be reaping the benefits of these solutions across the enterprise,” said Joe Nackashi, president of Black Knight. “By leveraging Black Knight’s end-to-end capabilities throughout the loan life cycle, Cadence Bank will maximize the value of its technology investment and be competitively positioned to enhance financial growth, increase operational efficiency and reduce risk.”
About Cadence Bank
Cadence Bank is a leading regional banking franchise with $18.7 billion in assets as of December 31, 2020, and 98 branch locations in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Backed by 133 years of financial expertise, Cadence provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, personal and business insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and more than 55,000 ATMs. The Cadence team of 1,900 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A. is a subsidiary of Cadence Bancorporation (NYSE: CADE). For additional information, visit cadencebank.com. Cadence Bank, N.A. Member FDIC. Equal Housing Lender. NMLS#525022.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.