VyStar Credit Union Selects Black Knight’s Empower And MSP Systems To Support End-to-End Member Experiences Across Origination And Servicing
By leveraging Black Knight’s leading platforms across the loan life cycle, VyStar Credit Union will realize significant value and join the growing list of enterprise clients
VyStar Credit Union will use Black Knight for its full suite of integrated origination and servicing solutions, including the Empower loan origination system and MSP servicing system
VyStar Credit Union will also use multiple other Black Knight solutions, including end-to-end digital capabilities with Borrower Digital and Servicing Digital, Loss Mitigation and the Actionable Intelligence Platform
Black Knight’s innovative, integrated solutions will be used across the mortgage life cycle to help VyStar Credit Union gain efficiencies, mitigate risk and improve the member experience
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.
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“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.
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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.”
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