Black Knight Financial Services (BKFS) released the latest version of Empower, its loan origination system for retail and wholesale lending, to be ready for the Consumer Financial Protection Bureau’s upcoming TILA-RESPA Integrated Disclosure rule implementation date.
“Although it appears that the industry has a little more time than expected before the TILA-RESPA changes go into effect, it is imperative for lenders to stay steadfast in their efforts to finalize system testing and flesh out the processes and workflows required to ensure compliance,” said Jerry Halbrook, president of Black Knight’s origination technologies division.
“Now that we are in the final stretch prior to the new regulations going into effect, we are pleased to offer our clients the system functionality to help support their efforts to meet the requirements of the CFPB’s TRID rule,” added Halbrook.
With the new version, clients can further engage in production-level testing and provide final feedback regarding any refinements that would better support their operations, processes, training requirements and workflow.
As testing of is finalized, Black Knight may release additional versions of the LOS in the coming months based on client testing and findings as they continue their TRID-readiness plans.