STOCK TITAN

Solidarity Community Federal Credit Union to Implement Empower, Black Knight's Cloud-based LOS, and Suite of Integrated Origination Solutions

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary

On March 23, 2023, Black Knight (NYSE:BKI) announced that Solidarity Community Federal Credit Union has chosen its high-performance Empower Loan Origination System (LOS) for improved retail and home equity lending. The cloud-based system supports Solidarity's growth and enhances operational efficiency through automation. By integrating various lending solutions, Empower will streamline loan origination, decrease turnaround times, and improve member satisfaction. Black Knight aims to provide Solidarity with comprehensive solutions from a single provider, reducing complexity and improving service delivery.

Positive
  • Solidarity selected Black Knight's Empower LOS for its cloud-based capabilities.
  • The system will enhance efficiency and streamline loan origination processes.
  • Integration of automated solutions will reduce manual work, improving operational efficiency.
  • Empower's features support compliance, loan quality, and member satisfaction.
Negative
  • None.
  • Solidarity selected the high-performance, cloud-based Empower LOS for its comprehensive capabilities and ability to scale to support the credit union's growth
  • Solidarity will use the Empower LOS for retail and home equity lending on one unified platform
  • The credit union will also use automated solutions from Black Knight to reduce manual work and increase operational efficiency

JACKSONVILLE, Fla., March 23, 2023 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) announced today that Solidarity Community Federal Credit Union (Solidarity), a growing, Indiana-based credit union, has signed a contract to implement the cloud-based Empower loan origination system (LOS) and its suite of integrated lending solutions.

"Our teams wear multiple hats and are committed to providing an exceptional experience to our members. Empower's integrations allow our teams to have quick, easy access to multiple leading-edge products, pricing and reporting from a single system and trusted provider," said Whitney Steltenkamp, director of Mortgage and Business Lending, Solidarity. "Using Black Knight's automation capabilities will also eliminate manual, repetitive work in our day-to-day business, which will drive more efficiency in our operations."

Empower is a cloud-based, high-performance LOS that can help Solidarity scale its business both in the current lending market and as origination volumes increase. The  system will help Solidarity originate new loans, enhance loan quality, decrease turn times, support compliance and investor requirements, improve member satisfaction and much more.

In addition, Solidarity has selected numerous Black Knight solutions that are seamlessly integrated with Empower. These include Optimal Blue's leading product and pricing engine; a digital point-of-sale solution that enhances the mortgage application process for borrowers and loan officers; an intuitive digital dashboard that allows loan officers to help borrowers throughout the approval process; a mortgage-specific customer relationship management (CRM) tool to help provide a member-for-life experience; machine-learning technology for document classification and indexing; 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; access to a secure standards-based platform of service providers where services, loan-level data and transaction history can be captured stored and archived; 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 investing in the Empower system bundle, Solidarity can eliminate the complexity of working with multiple providers and get what the credit union and its members need from one trusted source," said Rich Gagliano, president, Black Knight Origination Technologies. "The cloud-based Empower LOS will support Solidarity's goal of delivering a more modern system that allows its members to get information and perform tasks where they want, when they want."   

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 Solidarity Community Federal Credit Union

Solidarity Community Federal Credit Union is a financial cooperative that serves Howard, Cass, Clinton, Carroll, Miami, Tipton, and White Counties in Indiana. The credit union was started by Delco Electronic UAW employees. They placed a quarter a week into a cigar box to help a co-worker purchase a car. From this form of saving and lending, they formed a cooperative to serve their employees and family members. Solidarity became a community-chartered credit union in 2001 and serves anyone who lives, works, worships, attends school in Howard, Cass, Clinton, Carroll, Miami, Tipton, and White Counties. Solidarity has been voted Kokomo's Best Credit Union 10 years in a row by members. In 2022, Solidarity donated over $116,000 to local non-profit organizations, hospital foundations, service clubs and educational institutions. The credit union's initiatives support the health, financial education, and emotional well-being of the members, their children, and individuals in the communities they serve. For more information about Solidarity, visit SOLFCU.org. For more information about Solidarity visit: solfcu.org, facebook.com/solidarityfcu, linkedin.com/solidaritycommunity or @solidaritycu. Solidarity Community Federal Credit Union is located at 201 Southway Boulevard East with a branch location at 118 North Dixon Road in Kokomo, Indiana. (765) 453 4020, solfcu@solfcu.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

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/solidarity-community-federal-credit-union-to-implement-empower-black-knights-cloud-based-los-and-suite-of-integrated-origination-solutions-301778294.html

SOURCE Black Knight, Inc.

Black Knight, Inc.

NYSE:BKI

BKI Rankings

BKI Latest News

BKI Stock Data

11.88B
152.75M
3.51%
92.28%
1.04%
Software - Application
Technology
Link
United States
Jacksonville