Black Knight Financial Services announced its loan origination system, LoanSphere Empower, is now verified by Fannie Mae and Freddie Mac to generate Uniform Closing Dataset files.
Black Knight’s loan origination system supports the retail, wholesale and consumer-direct lending channels and delivers the ability to electronically capture and process data for every part of the origination process.
The UCD is part of the Uniform Mortgage Data Program, an initiative established by the GSEs under the direction of the Federal Housing Finance Agency to adopt industry data standards. The UCD component allows lenders to submit data electronically from the closing disclosure form.
Fannie and Freddie announced borrower information on all loans dated on or after September 5, 2017 must be submitted with UCD files. The seller data will be required after the third quarter of 2018.
“Black Knight collaborated with Fannie Mae and Freddie Mac to test the Empower functionality, and we are pleased that the system is verified by them,” said Jerry Halbrook, president of Black Knight’s origination technologies and enterprise business intelligence divisions.
“We continually make investments in Empower and our other origination technologies to support investor guidelines and to deliver robust, innovative functionality that will help lenders realize greater efficiencies, maintain regulatory compliance, enhance the customer experience and drive financial performance,” Halbrook said.
Black Knight worked with the GSEs to submit UCD test files, verifying its origination platform met the specifications of the UCD format. The verified version will be available in the 7.0 release of Empower.
