AMOCO Federal Credit Union, a credit union based out of eastern Texas with members across the country, has signed a contract to implement Black Knight Inc.’s Empower loan origination system (LOS) and its suite of integrated solutions, as well as the MSP mortgage servicing system from Black Knight.
“This is an ideal time to invest in our mortgage technology. Once we began searching, we found that Empower and MSP were unmatched in the tools and services they provided, and we were impressed with the Black Knight team’s attention to detail and industry experience,” states Eddie Bonilla, executive vice president of lending at AMOCO Federal Credit Union. “With robust automation, fully integrated solutions and the support of Black Knight’s proactive and highly responsive team, we are confident these platforms will help us grow our products and services and achieve our mission to serve the financial needs of our members – regardless of market conditions.”
With Empower, AMOCO will have a LOS that can help the credit union scale its business both in the current lending market and again when origination volumes increase. The credit union will also be able to leverage Black Knight’s end-to-end digital ecosystem to originate new loans, enhance loan quality, decrease turn times, support compliance and investor requirements, improve member satisfaction, and more.
The cloud-based Empower LOS offers advanced capabilities designed to automate processing of certain tasks based on the lender’s rules, requiring minimal human intervention. It gives AMOCO technological capabilities, including integration with an product and pricing engine from Optimal Blue, a division of Black Knight; a digital point-of-sale solution that enhances the mortgage application process for borrowers and loan officers; machine-learning technology for document classification and indexing; a comprehensive fee service to help mitigate fee cures; a digital close solution with eDelivery and eSigning capabilities; robust property tax data; automated compliance validation testing; and flood zone determination services and reporting.
The MSP loan servicing system supports first mortgages, as well as home equity loans and lines of credit, on a single platform. MSP is a complete, scalable, end-to-end system used by credit unions and other financial institutions to help manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more.
“By working with Black Knight to invest in the credit union’s infrastructure during this current market, AMOCO is positioning themselves for stronger success – both now and in the future,” says Joe Nackashi, CEO of Black Knight. “Combining the innovative capabilities of the Empower LOS with the MSP servicing platform can help AMOCO set itself apart from the competition, realize greater efficiencies and more effectively meet the needs of its members.”