Black Knight Financial Services Inc. reports that it has added new features and functionality to its Empower loan origination system (LOS) to enable mortgage lenders to comply with the Consumer Financial Protection Bureau's (CFPB) new TILA-RESPA Integrated Disclosure (TRID) rules going into effect later this year.
Version 5.1.4 of the LOS enables clients to perform production-level testing of the capabilities designed to support the new set of rules, thus helping lenders ensure that their processes are fine-tuned and that the software does what it needs to do before the new rules go live.
Interestingly, version 5.1.4 of the LOS also enables lenders to play a role in further refining the functionality by allowing them to provide feedback through the platform. This feedback, in turn, will help Black Knight make further refinements to each instance that will better support each lenders' operations, processes, training requirements and workflow.
Black Knight says it may release additional versions of the LOS in the coming months based on client testing and findings.
Additionally, Empower's configurable design will easily accommodate the latest CFPB mandatory TRID date change for implementation from Aug. 1 to Oct. 3 – without the need to update core source code – the company reports.
‘Although it appears that the industry has a little more time than expected before the TILA-RESPA changes go into effect, it is imperative for lenders to stay steadfast in their efforts to finalize system testing and flesh out the processes and workflows required to ensure compliance,’ says Jerry Halbrook, president of Black Knight's origination technologies division, in a release. ‘For well over a year, Black Knight has been continuously updating Empower to provide clients with as much lead time as possible to prepare for these new regulatory requirements. Now that we are in the final stretch prior to the new regulations going into effect, we are pleased to offer our clients the system functionality to help support their efforts to meet the requirements of the CFPB's TRID rule.’