Stanford Federal Credit Union Selects Empower, Black Knight’s Loan Origination System, and Integrated Solutions to Automate and Elevate the Member Experience
- Stanford Federal Credit Union chose to implement Empower for its comprehensive, integrated capabilities to help serve its membership more efficiently
- The credit union chose Black Knight for its superior automation and integrations
- The cloud-based system will easily support Stanford Federal Credit Union’s growing retail and home equity operations on one comprehensive platform
- In addition to the Empower LOS, Stanford Federal Credit Union will implement Black Knight’s full suite of origination solutions
JACKSONVILLE, Fla. – April 6, 2022 – Black Knight, Inc. (NYSE:BKI) announced today that Stanford Federal Credit Union (Stanford FCU), founded in 1959 by a group of Stanford University employees, has signed a contract to implement the Black Knight Empower loan origination system (LOS). The credit union will also implement Black Knight’s suite of integrated origination solutions to help scale its retail channel for purchase, refinance and home equity loan products and provide cutting-edge automation to enhance its membership experience.
“We selected an origination system that could support our expected growth and provide the kind of technological advancements our membership expects,” said Brian Thornton, senior vice president and chief lending officer of Stanford Federal Credit Union. “We’re very pleased to work with a loan origination platform that’s proven to support lenders and multichannel efforts, and we’re ready to leverage the power of Black Knight’s technology, automation and integrated ecosystem to enhance both our operations and member experience.”
Full integration of Black Knight’s digital ecosystem will provide Stanford FCU a full suite of integrated technology, data and analytics solutions to enhance its retail and home equity lending channels, all while supporting the credit union’s commitment to serving their valued members.
With its cloud-based architecture and advanced “lights-out” processing, the Empower LOS platform gives Stanford FCU exceptional technological capabilities, including integration with the industry’s leading product and pricing engine from Optimal Blue, a division of Black Knight. The credit union will also use a digital point-of-sale solution that enhances the mortgage application process for borrowers and loan officers; machine-learning technology for document classification and indexing; a digital close solution with eDelivery and eSigning capabilities; a comprehensive fee service to help mitigate fee cures; 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. Additional solutions include one that identifies loan risks and conditions that need to be cleared based on loan-level state and federal compliance validation tests; professional flood zone determinations; and an award-winning customer relationship management tool designed specifically for the mortgage industry with a marketing automation engine.
“Stanford FCU prides itself on being an ‘epicenter of innovation,’ and we appreciate the leadership team’s trust in our leading technologies,” said Rich Gagliano, president, Black Knight Origination Technologies. “With our Empower LOS and integrated origination solutions, Stanford FCU will gain unique capabilities that will help put its members’ needs first even further, and better help the credit union serve those members as trusted financial partners.”
About Stanford Federal Credit Union
Nestled in the heart of Silicon Valley, Stanford Federal Credit Union is a not-for-profit, member-owned financial institution founded in 1959 by university professors and staff dedicated to improving the financial lives of their members. Stanford FCU was the first financial institution to offer the convenience of online banking. Innovation continues to be a top priority for the credit union, as is their mission to improve their members’ financial lives. Stanford FCU strives to be better than a bank by putting their members’ needs first and aspiring to be a trusted financial partner. They work with cutting-edge technology companies to service the financial needs of their talented employees who expect the best products, service and experience. Stanford FCU is proud that their community is an epicenter of innovation, and includes top-performing companies like Google, Facebook-Meta, Tesla, Genentech, SAP, VMware, Amazon, Oracle, Visa and Stanford University.
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.