Hudson Valley Credit Union to Implement Black Knight’s Advanced, Integrated, End-to-End Suite of Mortgage Software Solutions
- Hudson Valley Credit Union will use Black Knight for its full suite of integrated origination and servicing solutions, including the Empower loan origination system and MSP servicing system
- Hudson Valley Credit Union will also use the following Black Knight solutions: Point of Sale, Product and Pricing Eligibility Engine (PPE), Compliance Validation Testing, Fee Service, eClose, Loan Boarding, Servicing Digital, Loss Mitigation and the Actionable Intelligence Platform (AIP)
- Innovative, proven capabilities will be used across the mortgage life cycle to help improve processing efficiency, enhance member satisfaction and increase retention.
JACKSONVILLE, Fla. – March 17, 2021 – Today, Black Knight, Inc. (NYSE:BKI) announced that Hudson Valley Credit Union, one of the largest credit unions in New York with over $6 billion in assets, has signed an agreement to use Black Knight’s integrated, end-to-end origination and servicing mortgage software solutions to support its expanding business, including the industry-leading Empower loan origination system and MSP servicing system.
“We are committed to member satisfaction and aim to deliver the best possible experience, which is why we selected Black Knight’s technology systems,” said Hudson Valley Credit Union Senior Vice President of Lending Brian Waldron. “No other provider has a fully integrated system. Added to that, Black Knight shared a similar mission focused on member satisfaction, and we believe that as we continue to grow, the proven capabilities of Black Knight’s solutions and their continual investment in its technology will help us achieve our goals.”
Hudson Valley Credit Union will use Black Knight’s Empower loan origination system, which can originate first mortgages and home equity loans, and support retail, wholesale, consumer direct, home equity, assumptions and correspondent lending channels on one platform. Black Knight’s Originations Digital solution – integrated with Empower – will help deliver a fast, easy-to-use loan prequalification and application process for both Hudson Valley Credit Union members and its loan officers. Also integrated in the origination workflow are an advanced and automated product, pricing and eligibility engine; digital point-of-sale capabilities for both the borrower and loan officer; comprehensive fee service and compliance validation testing. Further, members will benefit from eClose capabilities that reduce time and costs compared to traditional closings, while performing the necessary steps remotely.
As loans move into servicing, Hudson Valley Credit Union will use MSP, Black Knight’s industry-leading servicing system, which is integrated with Empower to assist in recapture and retention of its members. MSP helps servicers manage all servicing processes to achieve greater operational efficiency, improve risk management and provide superior service. Further, Black Knight’s Loss Mitigation application supports industry-standard retention and liquidation workouts to streamline the loss mitigation process and reduce risk.
To complement the MSP system, Hudson Valley Credit Union will utilize Black Knight’s Servicing Digital mobile solution. Available as a native app or responsive web design, Servicing Digital will help Hudson Valley Credit Union broaden its member relationships and increase retention by providing its members access to information about their home and loan, as well as making them aware of additional opportunities such as refinancing, home equity loans or the purchase of another home. The
detailed, timely and highly personalized loan information available in Servicing Digital will help members understand the value of their homes and how much wealth can be built from these real estate assets.
Finally, to further enhance both its originations and servicing operations, Hudson Valley Credit Union will implement Black Knight’s Actionable Intelligence Platform, which provides strategic and proactive analytics to the right people at the right time to help both lending and servicing clients gain and retain customers, reduce risk and decrease operational costs.
“Black Knight is focused on delivering innovative platforms and solutions to help credit unions better serve members, so we continue to invest heavily in our technology to provide leading-edge advancements,” said Joe Nackashi, president, Black Knight. “By leveraging multiple Black Knight solutions integrated across the loan life cycle, Hudson Valley Credit Union will add significant value to its operations, while enhancing the service they provide to their growing member base.”
About Hudson Valley Credit Union
Hudson Valley Credit Union is a credit union serving the New York counties of Albany, Columbia, Dutchess, Greene, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Ulster, and Westchester. Founded in 1963 in Poughkeepsie, New York, the institution has 309,000+ members and over 800 employees as of March 2021. HVCU is one of the largest credit unions in the United States with assets totaling more than $6 billion as of February 2021.
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 serving their customers. For more information on Black Knight, please visit BlackKnightInc.com.