Black Knight Financial Services (BKFS)
has announced that it is offering LoanSphere Empower Now!, a version of Empower, the company's comprehensive loan origination system (LOS) that will enable regional and mid-market lenders, as well as independent mortgage bankers, to reap the benefits of the powerful Empower LOS with a greatly streamlined implementation process, resulting in reduced timelines and cost.
Empower Now! enables lenders to implement Empower functionality, which has been configured based on the industry's most common lending practices. Lenders can then add configurations and additional feature functionality, which will allow them to remain on the same system as their business grows, and to adjust system parameters to meet their specific compliance needs.
Additionally, Empower Now! is seamlessly integrated with Black Knight's LoanSphere MSP servicing platform, which is leveraged directly by approximately 70 servicers that represent hundreds of other lenders and financial institutions throughout the country.
Typical implementations for Empower Now!, which include testing and training, can be completed in less than half the time of a standard Empower implementation and at a lower cost.
"Historically, regional and mid-market lenders have selected an LOS to meet their immediate needs, knowing that they may eventually need a different solution to accommodate future growth. Then, as they expanded, these lenders had to migrate to a new system to meet the more robust requirements of their growing business and scalability needs," said Jerry Halbrook, president of Black Knight's Origination Technologies Division. "With Empower Now!, lenders that are on a growth track can add new features and business channels without having to implement a new system. As a result, regional and mid-market lenders can access the same world-class origination technology capabilities as larger lenders, with an affordable financial investment and a considerably shorter implementation timeline."