Velocity Credit Union Selects Empower, Black Knight's Cloud-Based LOS and Integrated Suite of Origination Solutions to Enhance Member Experience, Support Growth
Black Knight, Inc. (NYSE:BKI) announced that Velocity Credit Union has chosen its Empower loan origination system (LOS) to enhance automation and member experience. The implementation will streamline operations and support growth in retail and home equity lending. Key features include the Optimal Blue PPE for pricing and eligibility, Borrower Digital for loan applications, and machine-learning technology for document processing. These advancements aim to reduce costs per loan and improve efficiency, ultimately serving Velocity's over 88,000 members better.
- Selection of Empower LOS enhances operational efficiency and member experience.
- Integration of advanced automation features reduces loan processing costs.
- Introduction of Optimal Blue PPE and Borrower Digital improves service delivery.
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- Velocity Credit Union has selected the Empower loan origination system (LOS) for its advanced automation capabilities, which will streamline back-office operations and improve the frontline member experience
- The credit union will also leverage Black Knight's suite of origination solutions to support the growth of its retail and home equity channels
- Adding these capabilities will help Velocity Credit Union take its lending operations to the next level
JACKSONVILLE, Fla., July 7, 2022 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE:BKI) announced that Velocity Credit Union, one of the largest credit unions in Texas, has selected the Black Knight Empower LOS and integrated origination solutions to support its members and employees with advanced automation and innovative digital capabilities.
"At Velocity, we're dedicated to meeting the needs of our members for years to come, and our selection of Black Knight's integrated technology, data and analytics is central to this mission," said Lindsey Record, vice president of mortgage lending, Velocity Credit Union. "With Velocity entering the first mortgage market, it was important to select a proven LOS that allows us the flexibility to help us achieve our strategic goals, and best serve our growing membership, with robust automation."
The easy-to-use and highly configurable Empower platform will enable Velocity Credit Union to streamline the origination process from loan application through closing. The cloud-based system's "lights-out" automation will save the credit union time, help reduce the cost per loan and provide Velocity's staff the ability to process more loans at greater speed for an enhanced borrower experience.
Velocity Credit Union is also adding the Optimal Blue PPE, the industry's leading product, pricing and eligibility engine, as well as Borrower Digital, an innovative point-of-sale solution that supports members through the loan prequalification and application process. In addition, the credit union will implement solutions that deliver the following functionality: machine-learning technology for document classification and indexing; fee service for recording fees, transfer taxes, title, inspections and property taxes; a digital application for loan officers; automated compliance validation testing; a powerful business rules engine; and an end-to-end digital close solution with eDelivery, eSign and eNotary capabilities.
"By choosing Empower and Black Knight's integrated suite of origination solutions, Velocity Credit Union will be able to provide the highest level of service to its members," said Rich Gagliano, president, Black Knight Origination Technologies. "The automation and efficiency gained will enable Velocity's employees to complete tasks more easily and effectively to support the credit union's long-term growth goals and focus on more convenience to its members."
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.
Velocity Credit Union is one of the largest and strongest credit unions in the state of Texas. We have over
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SOURCE Black Knight, Inc.
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