Keesler Federal Credit Union to Use Black Knight’s Full Suite of Mortgage and Home Equity Origination and Servicing Solutions
- Keesler Federal Credit Union will implement Black Knight’s wide-ranging suite of end-to-end first mortgage and home equity solutions, including the Empower loan origination system (LOS) and MSP servicing system
- Other Black Knight solutions include a new capability for loan officers, Originations Digital, AIVA, Fee Monitoring, eClosing, Servicing Digital and the Actionable Intelligence Platform
- The Empower Now! implementation model will be used for faster deployment of the LOS, with fewer implementation costs
- Retaining both origination and servicing in-house will help Keesler Federal Credit Union deliver a premier member experience
JACKSONVILLE, Fla. – Feb. 10, 2020 – Black Knight, Inc. (NYSE:BKI) announced today that Keesler Federal Credit Union, the largest credit union in Mississippi with more than $3 billion in assets, has signed an agreement to implement a comprehensive suite of Black Knight solutions, including the Empower loan origination system (LOS) and the MSP servicing system, to manage both its first mortgage and home equity portfolios. Keesler Federal Credit Union will use Black Knight solutions across the mortgage life cycle to support improved operational efficiency and help reduce risk.
“To support our growth, we wanted best-in-class servicing and origination systems with proven capabilities offered by a mortgage industry leader that we can trust to invest in its systems and provide ongoing support,” said Delma Powell, senior vice president and chief lending officer for Keesler Federal Credit Union. “After completing our internal due diligence, it became clear that Black Knight stood alone in fulfilling our needs.”
Empower originates both first mortgages and home equity loans on one platform and supports retail, wholesale, consumer direct and correspondent lending channels. To help Keesler Federal Credit Union get on the system more quickly, they will take advantage of the Empower Now! implementation model – which enables faster deployment with lower costs.
Keesler Federal Credit Union will use Black Knight’s suite of productivity solutions that are seamlessly integrated with Empower. These solutions include AIVA, the company’s artificial intelligence solution, to help with document classification and data extraction capabilities; a comprehensive fee monitoring service, complemented by state and federal loan-level compliance testing, third-party ordering and aggregation software; and Black Knight’s eClosing solution.
Black Knight’s suite of origination digital solutions will also enable Keesler Federal Credit Union to provide its members with easy-to-use tools. The company’s AI-augmented point-of-sale solution enhances the customer experience throughout the loan prequalification and application process, while Black Knight’s new loan officer capability will enable Keesler Federal Credit Union to easily track, monitor and provide assistance to the customer’s experience, step-by-step through the loan application process leveraging an intuitive user interface.
Keesler Federal Credit Union will also leverage the Black Knight MSP servicing system, which provides a robust, scalable and cost-effective servicing process, with the utmost focus on member satisfaction and regulatory compliance. MSP helps servicers manage all servicing processes – from loan boarding and payment processing to escrow administration, default management and more – to support greater operational efficiency, improved risk management and superior service. More advantages about the MSP system can be found here.
The MSP system will be complemented by Black Knight’s Servicing Digital, a mobile solution that will help Keesler Federal Credit Union deliver detailed, timely and highly personalized loan information to its members about the value of their homes and how much wealth can be built from these real estate assets. Servicing Digital will also help Keesler Federal Credit Union to deepen relationships and increase retention by presenting members with customized, home-related opportunities, such as refinancing, tapping home equity or the purchase of another home.
To gain maximum visibility into its originations and servicing operations, Keesler Federal Credit Union will implement Black Knight’s Actionable Intelligence Platform (AIP). This advanced data delivery framework combines Black Knight’s extensive data assets, big data ecosystem and enterprise business intelligence capabilities into a single solution. Using an array of pre-configured suites, Black Knight’s AIP helps both lending and servicing clients gain and retain customers, reduce risk and decrease operational costs.
“Black Knight is laser-focused on providing innovative technology to help credit unions better support their valued members,” said Joe Nackashi, president of Black Knight, Inc. “By leveraging multiple Black Knight solutions integrated across the loan life cycle, Keesler Federal Credit Union will gain significant value to help drive growth, increase insight across the enterprise and enhance its member experience.”
About Keesler Federal Credit Union
Keesler Federal has more than $3 billion cooperative, a not-for-profit owned by its members. The credit union has experienced tremendous growth over the last few years, including a 20 percent increase in new loan demand. Established in 1947, Keesler Federal Credit Union is the largest Mississippi-based credit union and has more than 700 employees. With 39 branches, Keesler Federal serves over 247,000 members worldwide.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.