Black Knight Releases New Empower LOS Capabilities; Clients Begin System Testing Ahead of Deadline for TILA-RESPA Integrated Disclosure Rule

JACKSONVILLE, Fla., Feb. 9, 2015 /PRNewswire/ -- Black Knight Financial Services announced the release of Empower version 5.0, which enables clients to begin system testing in support of the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosure rule going into effect Aug. 1, 2015. The new system version, which launched in late December 2014, allows testing many of the new capabilities on the Empower loan origination system (LOS) in advance of the regulatory deadline so clients can gain insight into how the changes will impact their operations, processes, training requirements, and workflow and to make any necessary changes. 

Used by six of the top 20 lenders in the U.S., Empower is available as both an ASP- and lender-hosted loan origination and Web portal solution that supports retail, wholesale and consumer direct channels and helps lenders electronically capture, process and close loans. In addition to supporting the new forms required by the TILA-RESPA changes, the Empower loan origination system's new capabilities include:

• Adding hundreds of database fields
• Updating fee functionality
• Creating new automated tasks and workflow
• Updating consumer and wholesale portals
• Adding tracking for new disclosure requirements
• Enhancing disbursement management
• Updating integrations to many third-party providers

In addition, Empower features a task-based workflow orchestration engine to support the coordination, assignment, monitoring and processing of tasks within the system to improve operational efficiency and mitigate risk.

Empower 5.0 will integrate with a collaborative closing portal delivered through Closing Insight, a new solution developed by Black Knight's RealEC Technologies division. Once in production, Closing Insight will provide an electronic, workflow-driven approval process and a collaborative closing service that will streamline the reconciliation of fees for initial and final loan closing disclosures between lenders, settlement agents and other service providers. Using a proven, client-configurable rules engine, lenders will have the ability to generate and review disclosure documents, which will help them meet loan-closing timeline requirements.

"The TILA-RESPA Integrated Disclosure rule is hands down the most extensive set of regulatory changes we have seen in our industry, and the CFPB has been very clear about the ramifications of missing the Aug. 1 deadline. As a result, starting back in 2013, Black Knight began work on updating Empower to give our clients the most lead time possible for preparation," said Jerry Halbrook, president of Black Knight's Origination Technologies division. "We are pleased to roll out many of these capabilities now, which gives our clients several months to test these enhancements and put processes in place to become compliant with the CFPB's TILA-RESPA Integrated Disclosure rule."

About Black Knight Financial Services, LLC 

Black Knight Financial Services, a Fidelity National Financial (NYSE:FNF) company, is the mortgage and finance industries' leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.

Black Knight Financial Services is committed to being the premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.

SOURCE Black Knight Financial Services

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