Black Knight Financial Services is bringing its Empower loan origination system to midsized mortgage lenders by offering a preconfigured version of its highly customizable platform.
Preconfiguring the system should allow for more streamlined implementations of what Black Knight's calling Empower Now, resulting in reduced timelines and cost.
The preconfigured modules are based on the workflows most commonly implemented by large-scale mortgage lenders that use Empower, said Jerry Halbrook, president of Jacksonville, Fla.-based Black Knight's Origination Technologies division.
"What we've done is created a preconfigured version of Empower that will get implemented out of the box with a preset workflow and structure to it. The beauty of that for a client, is once that is implemented, through the configuration engines they can modify [Empower Now] however they want to…as their business changes," said Halbrook.
Those midsized originators do not need as much customization as a larger lender, but because the underlying code is the same, if a midsized want to further modify Empower Now they can do that, he added.
Black Knight owns the industry's most widely used servicing system, LoanSphere MSP, but has a much smaller share in the LOS market. Approximately 20% of the clients who use LoanSphere MSP — either directly or through a subservicing arrangement — also use the Empower LOS, Black Knight said.
The enterprise-level version of Empower is designed for large lenders, while Black Knight's LendingSpace LOS is used by correspondent aggregators. The new version of Empower fills a gap in Black Knight's LOS offerings, but it's not the company's first attempt at capturing more LOS business from midsize lenders. Lender Processing Services, Black Knight's predecessor, acquired the PCLender LOS for $9.8 million in March 2011, but later sold the platform back to founder Lionel Urban in 2014.
The new version of Empower is integrated with LoanSphere MSP, which should ease the servicing onboarding process for lenders. Plus, there is access to LoanSphere Exchange and Black Knight's Data Hub and Motivity products. Empower Now also includes e-delivery and e-signing capabilities.