Texas-based credit union invests in mortgage technology now to prepare for future growth
- AMOCO Federal Credit Union chose Black Knight’s integrated LOS, origination solutions and MSP loan servicing software to help prepare for the future growth of originations and to improve the member experience
- The Empower system can be easily integrated with a wide range of origination solutions to drive operational efficiencies through automation and help support compliance
- The comprehensive MSP loan servicing system encompasses all aspects of servicing, from loan boarding to default
Today, Black Knight, Inc. (NYSE:BKI) announced that AMOCO Federal Credit Union, a growing credit union based out of eastern Texas with members across the country, has signed a contract to implement the Empower loan origination system (LOS) and its suite of integrated solutions, as well as the MSP mortgage servicing system from Black Knight. By selecting Black Knight’s ecosystem, AMOCO will be able to elevate the member experience and be ready to maximize future origination opportunities when market volumes rise again.
“This is an ideal time to invest in our mortgage technology. Once we began searching, we found that Empower and MSP were unmatched in the tools and services they provided, and we were impressed with the Black Knight team’s attention to detail and industry experience,” said Eddie Bonilla, executive vice president of lending, AMOCO Federal Credit Union. “With robust automation, fully integrated solutions and the support of Black Knight’s proactive and highly responsive team, we are confident these platforms will help us grow our products and services and achieve our mission to serve the financial needs of our members – regardless of market conditions.”
With Empower, AMOCO will have a high-performance LOS that can help the credit union scale its business both in the current lending market and again when origination volumes increase. The credit union will also be able to leverage Black Knight’s end-to-end digital ecosystem to originate new loans, enhance loan quality, decrease turn times, support compliance and investor requirements, improve member satisfaction, and much more.
The cloud-based Empower LOS offers advanced capabilities designed to automate processing of certain tasks based on the lender’s rules, requiring minimal human intervention – often referred to as “lights-out” processing. It gives AMOCO exceptional technological capabilities, including integration with an industry-leading product and pricing engine from Optimal Blue, a division of Black Knight; a digital point-of-sale solution that enhances the mortgage application process for borrowers and loan officers; machine-learning technology for document classification and indexing; a comprehensive fee service to help mitigate fee cures; a digital close solution with eDelivery and eSigning capabilities; robust property tax data; automated compliance validation testing; and flood zone determination services and reporting.
The MSP loan servicing system supports first mortgages, as well as home equity loans and lines of credit, on a single platform. MSP is a complete, scalable, end-to-end system used by credit unions and other financial institutions to help manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. Currently, the system is used to service approximately 37 million active loans.
“By working with Black Knight to invest in the credit union’s infrastructure during this current market, AMOCO is positioning themselves for stronger success – both now and in the future,” said Joe Nackashi, chief executive officer, Black Knight. “Combining the innovative capabilities of the Empower LOS with the MSP servicing platform can help AMOCO set itself apart from the competition, realize greater efficiencies and more effectively meet the needs of its members.”
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 AMOCO Federal Credit Union
AMOCO Federal Credit Union was first chartered in 1937. Since then, it has grown from $28,000 in assets and 170 members to more than $1.3 billion in assets and over 96,000 members and counting. AMOCO is financially strong and recognized as one of the largest credit unions in the Houston/Galveston area.
SOURCE Black Knight, Inc.