OnPath Federal Credit Union Signs Contract for Empower, Black Knight's LOS and Suite of Integrated Origination Solutions

Rhea-AI Summary

Black Knight, Inc. (NYSE: BKI) announced a long-term agreement with OnPath Federal Credit Union (OnPath FCU) for its Empower loan origination system (LOS) and integrated solutions. This partnership aims to enhance OnPath’s retail and home equity lending channels through increased automation and improved member experiences. The Empower system will provide advanced capabilities that streamline loan processing and reduce manual tasks, ultimately increasing member loyalty and supporting OnPath's growth strategy.

Positive

• Long-term agreement with OnPath FCU for Empower LOS strengthens market position.
• Increased automation expected to enhance efficiency in loan processing.
• Empower system integration aims to improve member experience and retention.
• Positioning for growth in retail and home equity lending channels.

Negative

• None.

• The Empower loan origination system will help support the expected growth of OnPath FCU's retail and home equity lending channels
• OnPath FCU will leverage the Empower LOS with Black Knight's integrated origination solutions Suite to increase automation for improved efficiency and to provide a better member experience
• By combining these innovative capabilities, OnPath FCU will gain an all-in-one digital ecosystem to support first mortgage and home equity lending

JACKSONVILLE, Fla., July 19, 2022 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI) announced today that OnPath Federal Credit Union (OnPath FCU) has signed a long-term agreement for the Empower, Black Knight's loan origination system (LOS) and suite of integrated origination solutions to support its growing retail and home equity lending channels.

"This is an important investment to our digital strategy and our ability to deliver advanced capabilities to both our new and existing members," said Paul Catalano, Director of Mortgage Lending, OnPath FCU. "The Empower system and its integrated solutions will provide the automation we need to help us eliminate many of our manual tasks for a faster, more efficient loan process and a significantly enhanced member-for-life experience."

OnPath will continue using the mortgage industry's leading product and pricing engine from Optimal Blue, a division of Black Knight. Additionally, OnPath FCU will leverage other innovative capabilities integrated with the robust Empower LOS, including automated, machine-learning technology for "lights-out processing" of document classification and indexing tasks to further streamline workflows and reduce errors. Other Black Knight solutions that OnPath FCU will use include a digital point-of-sale solution that enhances the mortgage application process for borrowers and loan officers; a digital close solution with eDelivery and eSigning capabilities; a comprehensive fee service to help mitigate fee cures; robust property tax data; automated compliance validation testing; flood zone determination services and reporting; and an actionable intelligence solution that delivers instant access to information from multiple data sources to help forecast and monitor pipeline, productivity, cycle time and pull-through.

"By moving onto the Empower system and leveraging its integrated solutions, OnPath FCU will be able to deliver a more intuitive, robust digital mortgage experience to help increase member loyalty, employee retention, and boost growth," said Rich Gagliano, president, Black Knight Origination Technologies.

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 www.blackknightinc.com.

About OnPath Federal Credit Union

OnPath Federal Credit Union was chartered in 1961 by employees of Avondale Shipyard, Inc. as ASI Federal Credit Union. For more than 60 years it has served the community bringing financial education, products and services to individuals and families across Southeast Louisiana. Today OnPath FCU holds more than $500M in assets, has more than 60,000 members, and has 10 branch locations in four parishes. To learn more about OnPath Federal Credit Union visit BeOnPath.org.

For more information:
Michelle Kersch	Mitch Cohen
Black Knight, Inc.	Black Knight, Inc.
904.854.5043	704.890.8158
michelle.kersch@bkfs.com	mitch.cohen@bkfs.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/onpath-federal-credit-union-signs-contract-for-empower-black-knights-los-and-suite-of-integrated-origination-solutions-301588917.html

SOURCE Black Knight, Inc.

FAQ

What is the significance of the agreement between OnPath FCU and Black Knight (BKI)?

The agreement allows OnPath FCU to utilize Black Knight's Empower loan origination system to enhance efficiency and member experience in retail and home equity lending.

When was the agreement between OnPath FCU and Black Knight announced?

The agreement was announced on July 19, 2022.

How will Black Knight's solutions benefit OnPath FCU?

Black Knight's solutions will provide automation, reduce manual tasks, and improve the digital mortgage experience for OnPath FCU members.

What are the expected outcomes of implementing the Empower LOS for OnPath FCU?

The expected outcomes include increased member loyalty, enhanced loan processing efficiency, and support for growth in lending channels.