Frost Selects Black Knight’s Leading Empower and MSP Systems to Support Seamless Operations Across Origination and Servicing
- Frost will use Black Knight’s full suite of integrated origination and servicing solutions, including the Empower loan origination system and MSP servicing system
- Frost will also be able to leverage Black Knight’s customer-centric Servicing Digital and Customer Service solutions, as well as Loss Mitigation and the Actionable Intelligence Platform
- Black Knight’s proven, industry-leading solutions will support Frost’s objectives to operate more efficiently, mitigate risk and improve the customer experience across the mortgage life cycle
JACKSONVILLE, Fla. – March 3, 2022 – Today, Black Knight, Inc. (NYSE:BKI) announced that Frost, one of the 50 largest U.S. banks by asset size, has signed an agreement to use Black Knight’s integrated, end-to-end mortgage origination and servicing solutions, including the Empower loan origination system (LOS) and the MSP loan servicing system. These leading platforms, paired with additional innovative solutions from Black Knight, will support Frost’s efforts to streamline processes and boost operational efficiencies.
“By working with best-in-class providers like Black Knight, we can ensure that applying for mortgages will be an easy process,” said Bobby Berman, group executive vice president, Research and Strategy at Frost. “Frost will offer mortgages as part of our comprehensive suite of consumer loan products, and it’s important that we do so in keeping with the Frost Philosophy and Core Values of Integrity, Caring and Excellence.”
The advanced Empower LOS supports the origination of first mortgages and home equity loans, as well as retail, wholesale, consumer direct, home equity, assumptions and correspondent lending channels on a single platform. Using the Empower system, Frost will be able to manage its origination operations with greater speed and efficiency, which will help the bank lower operational costs and deliver a seamless borrower experience.
As loans transition into servicing, Frost will use the comprehensive Black Knight MSP loan servicing system, which is integrated with the Empower LOS, to further facilitate smooth, customer-focused processes across the loan life cycle. Used by financial institutions to service approximately 37 million active loans, the MSP system helps servicers manage all servicing processes to achieve greater operational efficiency, improve risk management and provide superior service. In addition, Black Knight’s Loss Mitigation application supports industry-standard retention and liquidation workouts, which will help Frost streamline the loss mitigation process and reduce risk.
To complement the MSP system, Frost will have the ability to offer Servicing Digital, a customer-facing solution that delivers detailed, timely and highly personalized loan information about the value of consumers’ homes and how much wealth can be built from these real estate assets. Servicing Digital can help deepen relationships and increase satisfaction by giving customers easy, round-the-clock access to home and loan information; providing the ability to make mortgage payments online; and presenting opportunities for refinancing, taking out a home equity loan or purchasing another home. Frost will use the native web version of Servicing Digital, which is also available as a mobile app.
Frost’s support representatives also will be able to leverage the Black Knight Customer Service solution to access the detailed, holistic and timely information necessary to deliver exemplary service at the point of customer contact. The solution presents a customer’s loan, home and neighborhood information through an intuitive, easy-to-use graphical interface – helping representatives respond to customer questions more quickly, accurately and efficiently. Customer Service is seamlessly integrated with both MSP and Black Knight’s Servicing Digital solution.
Finally, to further enhance both its origination and servicing operations, Frost will have the ability to implement Black Knight’s Actionable Intelligence Platform, which provides strategic and proactive analytics to the right individuals at the right time to help both lending and servicing clients gain and retain customers, reduce risk and decrease operational costs.
“Frost is an industry leader in customer service, and we’re excited to help it benefit from Black Knight’s proficiency in mortgage technology, data and analytics, and top-tier client support — from origination to servicing and beyond,” said Joe Nackashi, president, Black Knight. “It’s a privilege to welcome Frost as a Black Knight enterprise client. We will share our expertise and best-in-class solutions to help launch and support their mortgage operations, while keeping efficiency, compliance and customer experience at the forefront.”
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.
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $50.9 billion in assets at Dec. 31, 2021. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.com.