Black Knight Updates LoanSphere To Support Home Equity Products

Black Knight Financial Services‘ LoanSphere Empower loan origination system now offers better support for home equity loans and home equity lines of credit.

That means lenders using Empower can originate home equity products and mortgage loans using one system. The enhancements will help them increase efficiencies, maintain regulatory compliance, mitigate risk and improve customer service, the company says in a release.

Empower supports retail, wholesale and consumer-direct lending channels, and delivers the functionality to electronically capture and process data for every facet of the loan origination process.

The LOS now includes a powerful, configurable rules engine that automates the underwriting credit-risk assessment process, as well as a robust product and pricing engine that offers added flexibility and greater functionality.

New home equity functionality includes the ability to support the automated placement of orders for credit reporting, flood certification, verifications, fraud and property valuation.

The system also delivers a Web portal view for bank branch associates to easily access, view and update loan information on a borrower’s home equity loan application.

The system also delivers enhanced document provider integrations and document package configurations to support lender-specific forms.

And, of course, all loans originated can be seamlessly transferred to LoanSphere MSP, Black Knight’s end-to-end servicing system.

“We significantly expanded Empower’s home equity capabilities to deliver robust end-to-end support for both closed-ended and open-ended home equity products,” says Jerry Halbrook, president of Black Knight’s Origination Technologies division. “Using Empower, lenders can consolidate the origination of real estate-secured products onto one technology system, helping them gain greater insight into loan opportunities and risks, simplify their compliance efforts, and reduce the costs associated with maintaining disparate systems.”


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