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Black Knight Financial Services Inc. (BKFS) has announced the release of version 5.1.4 of Empower, the company's loan origination system (LOS) for retail and wholesale lending, which includes the core functionality required for lenders to support the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule. The new version enables clients to 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 Empower 5.1.4 is finalized, BKFS may release additional versions of the LOS in the coming months based on client testing and findings as they continue their TRID-readiness plans. Additionally, Empower’s configurable design will easily accommodate the latest CFPB mandatory TRID date change for implementation without the need to update core source code.
Utilized by six of the top 20 lenders in the U.S., Empower is available as both an ASP- and lender-hosted loan origination and Web portal solution that supports retail, wholesale and consumer direct channels and helps lenders electronically capture, process and close loans.
“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. “For well over a year, Black Knight has been continuously updating Empower to provide clients with as much lead time as possible to prepare for these new regulatory requirements. 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.”