JACKSONVILLE, Fla., June 3, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) announced today that U.S. Bank, the fifth largest commercial bank in the United States, will implement Empower, Black Knight's loan origination system (LOS), to manage loans purchased via its correspondent and HFA lending channels. Empower has been significantly enhanced to include correspondent lending functionality, assess loan quality and help mitigate risk. Today, lenders can use the omni-channel Empower loan origination system to support their retail, wholesale, assumptions, home equity, consumer-direct and correspondent lending business -- all on a single platform.
"Aligning with Black Knight's Empower for our Correspondent and HFA business serves our forward-looking vision of providing innovative capabilities that advance the lending process and provide a better client experience," said Tom Wind, executive vice president, U.S. Bank. "Expanding our enterprise relationship with Black Knight allows us to enhance our digital capabilities and customer experience throughout the entire homeownership cycle."
U.S. Bank will also use Black Knight's artificial intelligence solution, AIVA, for document classification, data extraction and exception management. AIVA is a cloud-based tool that uses machine learning to automate certain tasks, performing them much faster and more accurately than humans can. By delivering greater automation, accuracy and efficiency to the loan origination process, AIVA can help lenders complete repetitive processing tasks so that staff can be utilized for exception-based processing and enhancing customer satisfaction.
Additionally, Empower is seamlessly integrated with Black Knight's industry-leading MSP servicing platform, which U.S. Bank uses to support its servicing operations. The tight integration of these two systems helps streamline the loan boarding process for greater efficiency, increased data integrity and reduced risk. This seamless servicing experience can also result in higher customer satisfaction levels and ultimately increase customer retention.
"Enhancing Empower to fully support all lending channels is part of our vision to provide end-to-end support across the loan life cycle," said Anthony Jabbour, CEO, Black Knight. "By adding Empower to the number of our solutions U.S. Bank uses, they are well-positioned to realize the exponential value that comes from using multiple Black Knight products across the enterprise."
About U.S. Bancorp
U.S. Bancorp, with 74,000 employees and $476 billion in assets as of March 31, 2019, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2019 World's Most Ethical Company. Visit U.S. Bank at usbank.com or follow on social media to stay up to date with company news.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
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SOURCE Black Knight, Inc.