Black Knight Updates LOS for New Disclosures Docs

Mortgage & Real Estate









Black Knight Financial Services has added new features to its loan origination system designed to further automate mortgage lending and compliance.

Enhancements include enabling users to ensure they comply with the Consumer Financial Protection Bureau’s Integrated Mortgage Disclosure rule that goes into effect on Aug. 1, 2015, the company said in a press release Thursday.

Black Knight’s Empower platform supports retail, wholesale and consumer direct lending, electronic loan processing and closing. Currently used by six of the top 20 lenders in the U.S, according to the release, Empower is available as both an ASP and as lender-hosted loan origination Web portal solution that also helps coordinate, assign, monitor and process loans.

The engine now features an expanded income calculator, the option to determine whether properties are located in disaster areas, and a newly redesigned consumer portal.

In addition the loan origination process is now integrated with Driver, Black Knight’s Web-based reporting system that accesses data housed in Empower to analyze loan performance metrics, offers more advanced integrations with mortgage insurance companies that allow users to get electronic delivery of MI packages, and also integrates with Black Knight’s Quality Insight tool that assesses single-family loan data accuracy.

“Lenders are facing a complex new loan origination process,” said Jerry Halbrook, president of Black Knight’s Origination Technologies division. “The new capabilities being deployed in Empower will improve the platform’s ability to support the regulatory changes.”

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