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Finding the right loan origination system for a mid-sized lending operation

Black Knight's Empower Now! LOS delivers a configuration model based on industry best practices

Selecting a loan origination system (LOS) for a mid-sized lending operation can be a complex and lengthy process. More than likely, the search will include these questions: How fast is the implementation time? To what extent does the LOS automate processes? Is it integrated with other technology solutions? Does it help address current regulatory requirements?

While there are numerous LOS options available on the market from which a lender can choose, the best LOS should meet several criteria. For example, to successfully drive operational performance in today’s highly competitive and fluid mortgage lending environment, lenders need a LOS to be flexible, dynamic and offer innovative capabilities such as artificial intelligence, digital APIs, advanced automation and user-friendly point-of-sale functionality.

In addition to advanced features and functionality, the right solution for a mid-sized lender must also address the challenging requirements of a growth-oriented operation. While a particular LOS may be adequate for the short-term, it may not accommodate lenders’ future business growth, requiring them to change origination systems once again.

Fast Deployment and Low Implementation Costs

To begin benefiting from these capabilities, it’s also important for a LOS to offer a fast implementation time and pricing that makes sense for mid-sized lenders. Black Knight, a leading provider of integrated technology, data and analytics for the mortgage industry, offers Empower Now! –the company’s premier Empower LOS that is delivered under a deployment and configuration model based on industry best practices and that can be deployed in just a few months.

Black Knight’s Empower Now! is pre-configured based on industry requirements and common practices specific to mid-market lenders. Additionally, lenders use the current configurations or update to include their own unique approaches. This enables the system to have a streamlined implementation time – with an affordable pricing model. As an “off the shelf” solution, Empower Now! provides extensive client configurability so lenders can differentiate their business without the need or cost for code development.

Additionally, the Empower Now! model is highly scalable, enabling lenders to continue using the same system as their loan volume grows. In fact, the technology supports from 150 to thousands of loan originations per month because it is the same system being used by many of the nation’s largest lenders today.   

Comprehensive Functionality

A best-in-class origination system for mid-sized lenders also must be able to support all of the critical steps in the origination process. Empower Now! provides comprehensive functionality – from point of sale through post-closing. It also supports first mortgages and home equity products on one system, helping to address compliance requirements and reduce the costs associated with maintaining separate systems.  

Extensive Automation and Flexible Integrations

Technology that provides robust automation capabilities is key to helping lenders manage production more quickly and effectively while reducing the overall cost per loan. Through lender-configurable robotics process automation, Empower Now! facilitates several high-volume, repeatable tasks without the need for human intervention at each step. And, the LOS supports an exception-based workflow, automatically alerting staff when a loan review is needed – helping to significantly decrease manual intervention.

Integrating to other software systems is also an important feature of Empower Now!. Through embedded APIs, Empower Now! can easily integrate document providers, point-of-sale solutions, product, pricing and eligibility technology, and title production software. It is also integrated with Black Knight applications, like the industry-leading servicing system, MSP.

Compliance Support

Of course, robust support for lenders’ regulatory compliance is absolutely critical in a LOS. Empower Now! is continually enhanced to help lenders address their compliance requirements. It also offers loan-level compliance testing that is lender-configurable and embedded directly into the LOS workflow. Using an optional feature, Empower Now! can perform client-controlled compliance testing against critical state and federal regulations, while checking for high-cost mortgage violations, allowable fees and other critical factors.

Advanced Intelligence

With technology rapidly advancing, and consumer expectations changing at the same pace, it can seem daunting – and even cost prohibitive – for mid-sized lenders to obtain a LOS with the leading-edge capabilities needed in today’s market. Empower Now! offers an affordable way for lenders to leverage advanced features and functionality such as machine learning, digital point-of-sale capabilities and an actionable intelligence platform.

For example, Black Knight’s artificial intelligence solution can work with Empower Now! to significantly automate manual processes. Lenders can opt to use this cutting-edge virtual assistant to help them perform many “stare-and-compare” tasks. The virtual assistant can work on these tasks more accurately and at scale compared to traditional, manual methods – helping lenders accelerate processes and reduce the cost per loan.

The AI capabilities are also used to power Black Knight’s point-of-sale solution. By interacting in real time with consumers to collect information, upload documents and validate data, this solution can help accelerate the application process and enhance the consumer experience.

Lenders can also use Black Knight’s mortgage-centric, actionable business intelligence solution, which offers reporting and visualizations to support smarter decision-making and help reduce origination costs, increase loan volume, and generate more leads.

The Capabilities Mid-Sized Lenders Need for Today and in the Future

An investment as important as a LOS requires finding just the right system and the right partner who can invest in that system and support their clients’ success. From advanced workflow capabilities, exception-based processing and regulatory support, Empower Now! from Black Knight can provide mid-sized lenders with incredible capabilities at an affordable price and with a quick implementation timeline. And, since the LOS can easily scale as lenders’ volume grows, a search for a new LOS can be avoided when their production increases.

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