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Moving Beyond Legacy Lending Technology

Black Knight, Inc., a provider of integrated software, data and analytics to the mortgage and real estate industries, announced that Washington Trust Bank, a privately held commercial bank in the Northwest, went live on Empower—Black Knight’s loan origination system (LOS). Washington Trust Bank leveraged the Empower Now! implementation model–a deployment designed specifically for mid-tier financial institutions.

“Washington Trust Bank is now using Empower to support our organization’s growth strategy,” said Shane Patnoi, VP, Consumer Lending at Washington Trust Bank. “Replacing our legacy technology with Black Knight’s system will provide advanced functionality, system scalability, and flexible configuration to increase the effectiveness of our expanding lending efforts.”

The Empower Now! implementation model gives lenders a base set of capabilities from Empower, which have been pre-configured based on the industry’s most common lending practices. Lenders can then add functionality and additional components, enabling them to remain on the same LOS as their business grows and to adjust system parameters to meet their specific compliance needs.

Empower is a comprehensive LOS used by lenders to electronically capture, process, underwrite and close loans in support of their retail, wholesale, consumer direct, correspondent, and home equity channels. Empower also provides Web APIs for easy access to data and documents, which are needed to provide consumers with digital user experience. By selecting the Empower Now! model, lenders such as Washington Trust Bank receive the same Empower functionality and integrations, and enable the system to be implemented faster and at a lower cost.

“We are pleased to support Washington Trust Bank with advanced origination capabilities that will scale as the bank’s loan volume increases,” said Rich Gagliano, President, Black Knight Origination Technologies. “With an accelerated implementation timeline and a cost structure that aligns with mid-market lenders’ needs, Washington Trust Bank will be able to quickly and cost-effectively take advantage of Empower’s ability to help the bank’s customers buy new homes and refinance existing mortgages.”

About Author: Donna Joseph

Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at donna.joseph@thefivestar.com.
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