Black Knight Financial Services Makes Valuable New Enhancements to the LoanSphere Empower Loan Origination System

May 09 13:06 2017 Print This Article
  • The latest version of Empower includes support for the CFPB’s expanded data collection requirements in support of the Home Mortgage Disclosure Act (HMDA)
  • New Representational State Transfer Application Program Interface (REST API) framework enables lenders to provide consumers and loan officers access to Empower functionality and data from any mobile device
  • Updated user interface with a more intuitive navigation and a simplified screen presentation
  • Enhanced home equity lending capabilities and several additional integrations to further streamline lenders’ processes

JACKSONVILLE, Fla., May 10, 2017 (GLOBE NEWSWIRE) — Black Knight Financial Services, Inc. (NYSE:BKFS) announced today that it has made several significant enhancements to LoanSphere Empower, the company’s comprehensive loan origination system (LOS) that supports the retail, wholesale and consumer-direct lending channels. Empower’s robust features and functionality help lenders increase efficiencies, maintain regulatory compliance, mitigate risk and improve customer service.

Key enhancements delivered in version 7.0 of the Empower LOS include:  

  • Updates to support the expanded data collection requirements in the CFPB’s final rule for the Home Mortgage Disclosure Act (HMDA). This includes borrower demographic information, loan costs, automated underwriting system evaluation information and property information, as well as the Legal Entity Identifier and Universal Loan Identifier.
  • Establishes the architectural standards and protocols to support multi-device user experience, including the Representational State Transfer Application Program Interface (REST API) framework that enables lenders to access Empower functionality and data from various mobile devices.
  • An enhanced user interface to help increase lender productivity using a more intuitive navigation and a simplified screen presentation.
  • New capabilities for home equity lines of credit (HELOCs) that allow clients to configure special introductory promotional rates and perform mass repricing of HELOCs in the pipeline.

Empower 7.0 also includes technology integrations that help further streamline lenders’ processes, such as

  • Access to quick, reliable property tax data through Black Knight’s Tax for Loan Estimation and Tax for Closing Disclosure products
  • A new LoanSphere Loan Boarding optimized file for servicing
  • LoanSphere Expedite to support eSign and eDelivery capabilities
  • Additional support for managing fraud-risk detection through PitchPoint

“Empower 7.0 offers dynamic, innovative capabilities to help clients deliver an exceptional customer experience, increase productivity and address regulatory requirements,” said Jerry Halbrook, president of Black Knight’s Origination Technologies division. “This is just one example of how Black Knight continues to make significant investments in Empower to provide clients with a sophisticated loan origination system that has superior capabilities.”

The Empower LOS delivers the functionality to electronically capture and process data for every facet of loan origination and can be hosted by Black Knight at its data center or self-hosted by a lender. To support regional and mid-market lenders, as well as independent mortgage bankers, Black Knight offers Empower Now!, a version of Empower that greatly streamlines the implementation process, resulting in reduced timelines and costs. Empower is seamlessly integrated with Black Knight’s LoanSphere MSP, a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default, for first mortgages and home equity loans.  

About LoanSphere
LoanSphere is Black Knight’s premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight’s LoanSphere helps lenders and servicers reduce risk, improve efficiency, and drive financial performance.

About Black Knight Financial Services, Inc. 
Black Knight Financial Services, Inc. (NYSE:BKFS) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.

Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.

For more information:
Michelle Kersch
Black Knight Financial Services
904.854.5043
[email protected]

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Jonathan Yaniv
Jonathan Yaniv

Jonathan is the founder and editor-in-chief of TrustedNerd.com. Covering major tech shows such as CES, Jonathan is always there for the latest tech news. Want your gadget to be reviewed or have a release you'd like to be considered for publishing? Send Jonathan an email, jonathan [at] trustednerd.com

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