- loanDepot will begin migration to Black Knight's cloud-based
version of the Empower loan origination system (LOS) in mid-2023,
with conversion expected to be complete in 2024
- Empower will complement loanDepot's proprietary mello
ecosystem, ensuring the company continues to delight customers and
provide best-in-class tools to originators and loan
- Leveraging Black Knight's expertise and system flexibility,
loanDepot's migration to Empower is expected to reduce the
company's cost to produce and further increase efficiency and
JACKSONVILLE, Fla., Jan. 19,
2023 /PRNewswire/ -- Today, Black Knight, Inc.
(NYSE:BKI) announced it will be integrated with loanDepot's next
generation of lending services as the company migrates some of its
backend operations to Black Knight's scalable and secure
cloud-based Empower loan origination system (LOS). The Empower
migration will complement and integrate with loanDepot's
proprietary technology ecosystem, mello, which was unveiled by the
company in 2017 and continues to be an important part of the
company's value proposition for originators. Utilizing the
enhanced, cloud-based version of Empower, loanDepot will now be
able to further leverage the skills and capabilities of Black
Knight throughout its backend operations, increasing customer and
originator satisfaction, operational efficiency, and loan quality,
all while driving down its overall cost to produce.
"Enhancing efficiency, effectiveness and quality are all
critical components of loanDepot's Vision 2025 strategic plan,"
said loanDepot President and CEO Frank
Martell. "The gains we expect to realize by switching to the
cloud-based version of Empower will serve our customers well as we
continue to deliver a best-in-class customer experience. It will
also fundamentally change the way we run our originations
operations, improving speed to closing and quality while also
realizing substantial savings."
By utilizing the Empower LOS, lenders like loanDepot can realize
improved loan processing cycle times and increased system
reliability, as well as easily implement product upgrades and new
version releases, while continuing to benefit from the proven
support and scalability of Black Knight's hosting capabilities.
As a cloud-based, scalable solution, Empower relieves clients
like loanDepot of the burden of maintaining their own independent
backend loan origination systems. Importantly, this means loanDepot
can implement system upgrades or adjust parameters to meet specific
compliance needs more quickly and less expensively than in previous
generations of technology builds or rollouts. Empower's overall
flexibility will also allow loanDepot to custom-configure the
platform to its unique processes and workflows, ultimately allowing
Empower to function as an in-house backend system that complements
loanDepot's proprietary mello ecosystem. Powered by APIs, the
Empower/mello integration will support a seamless digital
experience for customers, as well as provide greater ease and speed
for the loanDepot professionals who serve them.
"loanDepot has long had a reputation for forward-thinking
excellence in the technology space, and we're proud to partner with
a known technology disruptor to help fuel their next generation of
lending services and advance their strategic plan," said Rich
Gagliano, president, Black Knight Origination
Technologies. "We look forward to our long-term collaboration with
the loanDepot team as we help them continue to innovate and lead
the way in the nonbank mortgage sector for years to come."
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data
and analytics company that drives innovation in the mortgage
lending and servicing and real estate industries, as well as the
capital and secondary markets. Businesses leverage our robust,
integrated solutions across the entire homeownership life cycle to
help retain existing customers, gain new customers, mitigate risk
and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products
and our unwavering commitment to delivering superior client support
to achieve their strategic goals and better serve their customers.
For more information on Black Knight, please visit
loanDepot (NYSE: LDI) is a digital commerce company committed to
serving its customers throughout the home ownership journey. Since
its launch in 2010, loanDepot has revolutionized the mortgage
industry with a digital-first approach that makes it easier, faster
and less stressful to purchase or refinance a home. Today, as one
of the nation's largest non-bank retail mortgage lenders, loanDepot
enables customers to achieve the American dream of homeownership
through a broad suite of lending and real estate services that
simplify one of life's most complex transactions. With headquarters
in Southern California and offices
nationwide, loanDepot is committed to serving the communities in
which its team lives and works through a variety of local, regional
and national philanthropic efforts.
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SOURCE Black Knight, Inc.