Black Knight Financial Services announced updates to its flagship loan origination system, LoanSphere Empower, which includes updates to support the Consumer Financial Protection Bureau’s expanded data collection requirements under the Home Mortgage Disclosure Act.
The updates to the LOS system are designed to increase efficiencies, maintain regulatory compliance, mitigate risk and improve customer service.
The key HMDA-centric updates to follow data collection requirements include borrower demographic information, loan costs, automated underwriting system evaluation information and property information, as well as the Legal Entity Identifier and Universal Loan Identifier.
As it stands, most of the provisions of the HMDA final rule will take effect on Jan. 1, 2018.
In addition, the LOS includes updated user interface and enhanced home equity lending capabilities, along with several additional integrations to further streamline lenders’ processes.
“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.