VyStar Credit Union, a Florida-based credit union, has signed an agreement to use Black Knight Inc.‘s integrated, end-to-end mortgage origination and servicing solutions, including the Empower loan origination system (LOS) and the MSP servicing system, to support its growing business operations.
“Our selection of Black Knight’s premier servicing and origination products marks a meaningful advancement for VyStar’s more than 800,000 members,” says Jenny Vipperman, VyStar Credit Union’s chief lending officer. “We are pleased to work together with another respected organization in our community to support VyStar’s growth and to offer a better banking experience to our valued members.”
VyStar Credit Union will use Black Knight’s Empower LOS for its retail operations. The advanced system supports the origination of first mortgages and home equity loans, as well as retail, wholesale, consumer direct, home equity, assumptions and correspondent lending channels on a single platform.
Black Knight’s Borrower Digital solution – integrated with Empower – will help deliver a loan prequalification and application process for both VyStar Credit Union’s members and its loan officers. Also integrated in the origination workflow are an advanced and automated product, pricing and eligibility engine, comprehensive fee service, and compliance validation testing. Further, members will benefit from electronic closing capabilities that reduce time and costs compared to traditional closings. These capabilities enable both members and loan officers to complete all necessary steps remotely.
As loans transition into servicing, VyStar Credit Union will use the Black Knight MSP servicing system, which is integrated with Empower, to facilitate a seamless member experience across the loan life cycle. Black Knight’s Loss Mitigation application supports retention and liquidation workouts to streamline the loss mitigation process.
To complement the MSP system, VyStar Credit Union will offer Servicing Digital to its members, a consumer-facing solution that delivers detailed, timely and highly personalized loan information about the value of members’ homes and how much wealth can be built from these real estate assets. Servicing Digital gives members round-the-clock access to home and loan information; providing the ability to make mortgage payments online; and presenting opportunities for refinancing, taking out a home equity loan or purchasing another home. VyStar Credit Union will use both the native web and mobile app versions of the solution.
Finally, to further enhance both its originations and servicing operations, VyStar Credit Union will implement Black Knight’s Actionable Intelligence Platform, which provides strategic and proactive analytics to help lending and servicing clients gain and retain members, reduce risk and decrease operational costs.
“Members of distinguished credit unions like VyStar expect top-tier service and advanced digital capabilities,” states Joe Nackashi, president of Black Knight. “Black Knight is committed to delivering the integrated, member-focused solutions that exceed these expectations. It’s a privilege to serve VyStar across the lending life cycle as an enterprise client, and we look forward to providing solutions that help the company advance the member experience.”