Bay Federal Credit Union, the largest member-owned financial institution in Santa Cruz County, Calif., has agreed to implement Black Knight’s cloud-based Empower loan origination system (LOS) and suite of integrated lending solutions for its retail and home equity lending operations.
Bay Federal will be able to leverage Black Knight’s origination technology and data ecosystem for advanced digital capabilities to drive more operational efficiency and gain deeper business insights.
“It’s important for us to maximize the abilities of our lean, talented staff by giving them access to advanced tools and automation that will elevate speed, accuracy and digital access,” says Michael Smith, a vice president at Bay Federal Credit Union.
Empower is a high-performance, cloud-based LOS that automates repetitive processing tasks based on the lender’s configurations, reducing the need for human intervention. The advanced technology actively monitors the system for any data changes during the loan process and triggers a separate work item when an exception occurs, which alerts the user that additional reviews are needed.
The Empower system will provide Bay Federal with the capabilities to originate more new loans, enhance loan quality, decrease turn times, support compliance and investor requirements, improve member satisfaction and much more.
Says Rich Gagliano, president, Black Knight Origination Technologies: “We are ready to build a strong, collaborative relationship with Bay Federal to support its growth, decrease the overall costs associated with origination and strengthen the service capabilities they provide to their members.”