VyStar Credit Union Selects Black Knight's Empower and MSP Systems to Support End-to-End Member Experiences Across Origination and Servicing
On December 15, 2021, Black Knight, Inc. (NYSE:BKI) announced a partnership with VyStar Credit Union, the largest credit union in Northeast Florida, to implement its integrated mortgage origination and servicing solutions. VyStar will utilize Black Knight's Empower loan origination system and MSP servicing system to enhance their operational capabilities for over 800,000 members. This collaboration aims to streamline processes, improve member experience, and provide digital solutions for loan origination and servicing, including electronic closing and real-time information access.
- VyStar Credit Union will enhance its services for 800,000 members through Black Knight's integrated systems.
- The Empower LOS supports multiple origination channels and offers electronic closing capabilities, reducing time and costs.
- Black Knight's MSP system enables better operational efficiency and risk management during loan servicing.
- Servicing Digital enhances customer experience by providing easy access to loan information and online payment options.
- None.
JACKSONVILLE, Fla., Dec. 15, 2021 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE:BKI) announced that VyStar Credit Union, the largest credit union headquartered in Northeast Florida, has signed an agreement to use Black Knight's integrated, end-to-end mortgage origination and servicing solutions, including the innovative Empower loan origination system (LOS) and the industry-leading MSP servicing system, to support its growing business operations.
"Our selection of Black Knight's premier servicing and origination products marks a meaningful advancement for VyStar's more than 800,000 members," said Jenny Vipperman, Chief Lending Officer, VyStar Credit Union. "We are pleased to work together with another respected organization in our community to support VyStar's growth and to offer a better banking experience to our valued members."
VyStar Credit Union will use Black Knight's Empower LOS for its retail operations. The advanced system supports the origination of first mortgages and home equity loans, as well as retail, wholesale, consumer direct, home equity, assumptions and correspondent lending channels on a single platform. Black Knight's Borrower Digital solution – integrated with Empower – will help deliver a fast, easy-to-use loan prequalification and application process for both VyStar Credit Union's members and its loan officers. Also integrated in the origination workflow are an advanced and automated product, pricing and eligibility engine, comprehensive fee service, and compliance validation testing. Further, members will benefit from electronic closing capabilities that reduce time and costs compared to traditional closings. These capabilities enable both members and loan officers to complete all necessary steps remotely.
As loans transition into servicing, VyStar Credit Union will use the industry-leading Black Knight MSP servicing system, which is integrated with Empower, to facilitate a seamless member experience across the loan life cycle. Used by financial institutions to service approximately 36 million active loans, the MSP system helps servicers manage all servicing processes to achieve greater operational efficiency, improve risk management and provide superior service. Further, Black Knight's Loss Mitigation application supports industry-standard retention and liquidation workouts to streamline the loss mitigation process and reduce risk.
To complement the MSP system, VyStar Credit Union will offer Servicing Digital to its members, a consumer-facing solution that delivers detailed, timely and highly personalized loan information about the value of members' homes and how much wealth can be built from these real estate assets. Servicing Digital can help deepen relationships and increase satisfaction by giving members easy, round-the-clock access to home and loan information; providing the ability to make mortgage payments online; and presenting opportunities for refinancing, taking out a home equity loan or purchasing another home. VyStar Credit Union will use both the native web and mobile app versions of the solution.
Finally, to further enhance both its originations and servicing operations, VyStar Credit Union will implement Black Knight's Actionable Intelligence Platform, which provides strategic and proactive analytics to the right individuals at the right time to help both lending and servicing clients gain and retain members, reduce risk and decrease operational costs.
"Members of distinguished credit unions like VyStar expect top-tier service and advanced digital capabilities. Black Knight is committed to delivering the integrated, member-focused solutions that exceed these expectations," said Joe Nackashi, president, Black Knight. "It's a privilege to serve VyStar across the lending life cycle as an enterprise client, and we look forward to providing solutions that help the company advance the member experience."
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 VyStar Credit Union
VyStar Credit Union is the largest credit union headquartered in Northeast Florida. VyStar now serves over 800,000 members with assets totaling
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SOURCE Black Knight, Inc.
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