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A credit union in the Midwest that has been around for nearly seven decades is implementing a loan origination system that will handle both first and second mortgages.
Solidarity Community Federal Credit Union was founded in 1954 by employees of Delco Electronics who pooled together their money to help a co-worker purchase an automobile.
“They did this by placing a quarter a week in a cigar box until they had enough saved to buy the car,” the Kokomo, Indiana-based financial institution says on its website.
An announcement Thursday indicated that the credit union signed a contract with Black Knight Inc. to implement the Empower LOS.
In addition to utilizing the system for retail mortgages, Solidarity will process its home-equity transactions on the LOS.
On its website, Solidarity offers fixed-rate home-equity loans with an Annual Percentage Rate of 5.99 percent for six years, 6.49 percent for 10 years, and 6.99 percent for 15 years.
“The cloud-based Empower LOS will support Solidarity’s goal of delivering a more modern system that allows its members to get information and perform tasks where they want, when they want,” Black Knight Origination Technologies President Rich Gagliano stated in the news release.
