JACKSONVILLE, Fla., July 28, 2015 /PRNewswire/ -- Black Knight Financial Services, Inc. (NYSE: BKFS) announced today that it has successfully completed its implementation of the Empower® loan origination system (LOS) to support MUFG Union Bank's retail and wholesale banking operations. The bank also uses MSP®, Black Knight's industry-leading servicing platform, to service both its mortgage and consumer loans. The combination of Black Knight's Empower and MSP technologies will deliver end-to-end capabilities to help MUFG Union Bank manage its portfolios from point of sale through default.
"By implementing Empower's retail and wholesale lending capabilities, we are now able to leverage the extensive scalability of Empower to help support our growth strategy and loan quality initiatives as we position ourselves to take advantage of the purchase market," said Jim Francis, head of Consumer Lending for MUFG Union Bank. "With the success we have experienced with MSP, it made sense to look at Black Knight's Empower system to help expand our origination operations."
Francis continued, "Using the combination of Empower and MSP, as well as the integration between the systems to manage our loan operations from origination through servicing and default, helps us minimize inefficiencies and errors due to manual processes, and upgrades our overall data integrity controls."
Working together, MUFG Union Bank and Black Knight implemented the retail capabilities of the Empower LOS in 10 months and recently completed the wholesale lending implementation. Empower, which can be client- or ASP-hosted, is Black Knight's Web-based enterprise loan origination technology used by lenders to manage retail, wholesale and consumer direct channels, and helps lenders electronically capture, process and close loans.
MUFG Union Bank also recently signed an agreement to implement Black Knight's Closing Insight, a suite of Web-based solutions designed to help lenders address the CFPB's TILA-RESPA Integrated Disclosure (TRID) rule, scheduled to go into effect later this year; and to automate the multi-party processes required to close a loan. Closing Insight will provide an electronic, workflow-driven approval process and a collaborative closing utility that will streamline the reconciliation of fees for final loan closing disclosures between lenders, settlement agents and other service providers. Using a client-configurable rules engine, lenders will have the ability to generate and review disclosure documents to help them meet loan-closing timeline requirements. Closing Insight is offered by RealEC Technologies, a division of Black Knight Financial Services.
MUFG Union Bank's loan servicing platform is Black Knight's MSP, a single, comprehensive system used by financial institutions for any size portfolio to manage all mortgage and consumer loan servicing processes, including loan boarding, payment processing, escrow administration and default management. In addition, Union Bank uses Black Knight's Customer CareNet, an online solution that gives borrowers instant access to their loan information, and Black Knight Data & Analytics solutions, including its Home Price Index and Property Tax Direct tax reports.
"By using multiple Black Knight solutions, Union Bank is better able to support its efforts to be compliant and achieve greater efficiencies across the loan lifecycle," said Jerry Halbrook, president of Black Knight's Origination Technologies division. "We are pleased that our Empower LOS technology will support both MUFG Union Bank's retail and wholesale lending operations with one central platform to improve the bank's efficiency and quality."
About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, is the mortgage and finance industries' leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being the premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
SOURCE Black Knight Financial Services