Black Knight, Inc. 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 process is expected to stretch from the middle of this year into 2024.
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 a part of the company’s value proposition for originators.
Utilizing the enhanced, cloud-based version of Empower, loanDepot will be able to further leverage the capabilities of Black Knight throughout its backend operations. Project leaders said this will increase customer and originator satisfaction, operational efficiency, and loan quality, all while driving down overall cost.
“Enhancing efficiency, effectiveness and quality are all critical components of loanDepot’s Vision 2025 strategic plan,” loanDepot President and CEO Frank Martell said in a release. “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 implement product upgrades and new version releases, while continuing to benefit from Black Knight’s hosting capabilities, according to the company.
As a cloud-based, scalable solution, Empower relieves clients like loanDepot from maintaining their own independent backend loan origination systems. 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, company leaders stated.
Empower’s flexibility also will allow loanDepot to custom-configure the platform to its processes and workflows, ultimately allowing Empower to function as an in-house backend system that complements loanDepot’s mello.
“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,” Rich Gagliano, president, Black Knight Origination, said. 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.”