U.S. Bank has tapped Black Knight to manage loans acquired through its correspondent and HFA lending channels.
The bank will leverage the vendor’s Empower loan origination system (LOS).
An omni-channel system, Empower facilitates multiple needs on one platform including retail, wholesale, assumptions, home equity, consumer-direct and correspondent lending business.
Further, the bank will utilise the vendor’s artificial intelligence tool called AIVA.
A cloud-based solution, AIVA will support document classification, data extraction and exception management at U.S. Bank.
The bank already utilises the vendor’s MSP servicing platform, which will now be integrated with Empower.
According to Black Knight, the combination will make the loan boarding process more efficient, while boosting data integrity as well as lowering risk.
U.S. Bank executive vice president Tom Wind said: “Aligning with Black Knight’s Empower for our Correspondent and HFA business serves our forward-looking vision of providing innovative capabilities that advance the lending process and provide a better client experience.
“Expanding our enterprise relationship with Black Knight allows us to enhance our digital capabilities and customer experience throughout the entire homeownership cycle.”
U.S. Bank is part of U.S. Bancorp that managed $476bn in assets at the end of March 2019 and has staff headcount of 74,000.
In March this year, U.S. Bank chose Black Knight’s Servicing Digital solution in order to offer personalised loan information to its customers.