Black Knight, Inc. (NYSE:BKI) announced that Cathay Bank, a subsidiary of Cathay General Bancorp (NASDAQ:CATY) and listed on the Forbes list of “Best Banks in America,” has signed an agreement to implement the Black Knight LoanSphere Empower loan origination system (LOS) leveraging the Empower Now! implementation model. Empower Now! is a lower-cost implementation approach designed specifically for mid-tier financial institutions to provide a quicker deployment of Black Knight’s enterprise platform.Empower Now! offers mid-market lenders the option of implementing LoanSphere Empower functionality under a core configuration that has been developed based on common practices among many of the nation’s top lending institutions. Once deployed, lenders can then refine that configuration as their needs dictate, and the scalability of Empower Now! allows them to remain on the same system as their businesses grow.
LoanSphere Empower is a comprehensive origination platform that many of the nation’s top lenders use to support their retail, wholesale, consumer direct and home equity channels. Empower helps lenders electronically capture, process, underwrite and close loans. Empower Now! delivers the same enterprise Empower components and integrations, but can be implemented in a reduced timeline and at a significantly lower cost.
“We are ready to deliver all of the competitive advantages that the Empower Now! solution offers to help Cathay Bank as it expands its lending operations,” said Rich Gagliano, president, Black Knight Origination Software division. “By providing robust LOS capabilities with an accelerated implementation timeline and a cost structure that aligns with mid-market lenders’ needs, we believe Cathay Bank is well-positioned to support its successful lending operation today, as well as in the future.”
LoanSphere is Black Knight’s premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight’s LoanSphere helps lenders and servicers reduce risk, improve efficiency, and drive financial performance.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.