Optimizing the mortgage process means finding fast, efficient solutions for each part of the customer journey. When it comes to origination, modernization is key to enhancing the customer experience, improving overall cycle times and increasing overall profit. Regardless of the size of a lending business, having the right origination software is the first step in creating a homebuying experience built for the 21st century.
Black Knight, a leader in providing integrated software solutions, has delivered a system for lenders of all sizes. Empower, Black Knight’s loan origination system (LOS), offers an end-to-end digital platform that supports retail, consumer-direct, home equity, correspondent, wholesale and assumption channels – all in a single system.
“A preconfigured and fully integrated platform eliminates the need for disparate third-party systems, making it a true all-in-one solution for origination,” explained Joe Nackashi, CEO of Black Knight.
Empower supports first mortgages, home equity loans and lines of credit and also features integrations with a full suite of high-performing Black Knight origination solutions including an industry-leading product and pricing engine, fee service, compliance validation testing, a digital point of sale system, eClose, business intelligence and more.
“Empower is helping lenders reduce, and in some cases, eliminate many pain points in today’s origination process by delivering configurable, dynamic capabilities in one complete system,” said Rich Gagliano, president of origination technologies.
Black Knight’s LOS supports data integrity and security all while eliminating the errors and duplicate entries common with using multiple systems. The system also provides management reporting on user productivity and loan metrics derived from a beginning-to-end workflow that can reduce costs and manual tasks.
By decreasing friction and eliminating touchpoints in the origination process, Empower provides lenders, loan officers and borrowers a faster, smoother and more streamlined borrowing experience. The system’s bundled, configurable approach helps lenders scale their business to any market condition with an all-inclusive, seamlessly integrated digital ecosystem – at one low cost per loan.
“Using this single platform, lenders gain access to API-based integrations and advanced workflow capabilities to deliver a complete digital mortgage experience to their borrowers,” said Craig Rebmann, managing director of origination technologies and product management.
Through the automation of repetitive tasks based on the lender’s configurations, Empower reduces the need for human intervention. Referred to as “lights-out processing,” this advanced technology actively monitors the system for any data changes. When an exception occurs, Empower triggers a separate work item and alerts the user that additional reviews are needed, significantly reducing the need for lenders to shift focus and significantly increasing productivity and profit in turn.
Empower also integrates with Black Knight’s artificial intelligence/machine learning solution that can improve the work process by reading, comprehending and drawing conclusions based on document or data content, leaving little room for human error.
“It can take on ‘stare-and-compare’ and validation responsibilities, such as verification of income, assets and insurance more accurately and at scale,” Gagliano noted. “Using these and other automated capabilities, lenders can manage production more quickly and effectively while reducing the overall cost per loan.”
Joe Nackashi, Chief Executive Officer
Joe Nackashi leads the company’s overall vision and direction for Black Knight to provide premier solutions and services for many of the nation’s largest lenders and servicers.
Rich Gagliano, President, Origination Technologies
Rich Gagliano is responsible for the overall strategy and product direction of Black Knight’s origination technologies.
Craig Rebmann, Managing Director Origination Technologies Product Management
Craig Rebmann is responsible for building and enhancing Black Knight’s loan origination system, Empower. With decades of technology and mortgage experience, Craig leads Black Knight’s efforts in the development of LOS technology.