Cornerstone Home Lending Selects the Black Knight MSP Servicing System and Additional Solutions to Bring Mortgage Servicing In-House
Cornerstone Home Lending has adopted Black Knight's MSP loan servicing system to enhance operational efficiency and automate mortgage servicing. The MSP system covers various servicing aspects and is supplemented by additional solutions like Customer Service and Servicing Digital for improved customer interactions. The integration of Black Knight's analytics and default management tools aims to streamline processes and mitigate risks. This strategic move supports Cornerstone's commitment to superior customer experience and operational growth as it transitions its loan servicing in-house.
- Cornerstone adopted the MSP loan servicing system to improve efficiency and automate processes.
- Implementation of Customer Service and Servicing Digital solutions enhances customer interactions.
- Use of analytics and default management tools streamlines operations and reduces risk.
- None.
- Cornerstone Home Lending has selected the industry-leading MSP loan servicing system to support its growth as it brings mortgage servicing in-house and focuses on maximizing automation and efficiency
- MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default
- Cornerstone has also selected additional Black Knight solutions, including Customer Service to help its in-house Customer Care team members assist customers quickly and efficiently, and Servicing Digital to offer customers self-service access to personalized, timely information about their mortgage and home
- Cornerstone also selected Black Knight's default and data and analytics suite of products to help streamline processes, manage nonperforming loans and reduce risk, such as Order Exchange to place and track third-party orders efficiently and the Rapid Analytics Platform (RAP) to gain critical insights to help continuously drive business growth, manage risk and maximize retention
- Finally, Cornerstone has implemented InterChange Services and Order Exchange to support seamless access and integration to Black Knight applications and third-party providers
JACKSONVILLE, Fla., April 14, 2022 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE:BKI) announced that Cornerstone Home Lending, a national home lender with 200 offices across more than 20 states, has implemented the MSP loan servicing system and various additional solutions as Cornerstone brings mortgage loan servicing operations fully in-house. MSP is a comprehensive, end-to-end platform that supports all aspects of servicing – from loan boarding to default – for first mortgages, as well as home equity loans and lines of credit, on a single system. Cornerstone is leveraging MSP, as well as a combination of other innovative solutions, to extend its superior customer experience to mortgage loan servicing, streamline operations and mitigate risk.
"As we transitioned our mortgage servicing operations in-house, we knew we needed a top-tier servicing system with a proven track record of supporting exceptional customer experiences, process efficiency and regulatory compliance," said Toby Wells, managing director of Cornerstone Home Lending's Loan Servicing division. "With Black Knight's suite of innovative solutions, Cornerstone has these capabilities and more. We appreciate that Black Knight isn't just a technology provider, but a committed partner invested in helping us achieve our goals and deliver on our commitment to provide a remarkable experience to Cornerstone customers for the life of their loan."
In addition to the MSP loan servicing system, Cornerstone's support representatives are leveraging the innovative Black Knight Customer Service solution to access a detailed, holistic and timely view of the key information needed to deliver exemplary service at the point of customer contact. The solution presents a customer's loan, home and neighborhood information through an intuitive, easy-to-use graphical interface – helping representatives respond to customer questions quickly, accurately and efficiently. Customer Service is seamlessly integrated with both the MSP system and the Black Knight Servicing Digital solution.
Servicing Digital is an interactive, user-friendly web and mobile solution for consumers that provides easy access to customized, timely information about their mortgages and homes. This powerful application enables customers to make mortgage payments and explore opportunities for refinancing and more – all from the convenience of the web or a mobile device. Since Cornerstone is implementing both Customer Service and Servicing Digital, the company's Customer Care representatives will have a view of what their borrowers are seeing on their mobile device when they call, facilitating an even more productive and enriching conversation and supporting deeper customer engagement and relationships.
Cornerstone has also selected Black Knight's default suite of solutions, designed to help streamline processes for bankruptcy, foreclosure, claims, loss mitigation and invoicing. Rules-driven workflows and advanced automation help guide users through various default-related processes to streamline operations and reduce risk, with validation points to help eliminate missed steps. Additionally, Cornerstone has implemented the Black Knight Order Exchange technology to streamline the product-ordering process with third-party business partners.
Cornerstone Lending has also selected the Black Knight Rapid Analytics Platform (RAP), a unique, cloud-based data marketplace and decision-science studio that enables industry professionals to seamlessly source data, execute queries, create advanced analytics and train machine-learning models as part of a full suite of industry-leading solutions within a single loan servicing platform. Using RAP, servicers can gain critical insights to help them drive business growth, effectively manage risk, improve retention and more.
"Black Knight delivers game-changing solutions that scale to support every size of lender and servicer, and in the instance of Cornerstone Home Lending, it's a pleasure to contribute to the company's servicing portfolio growth with our advanced software, data and analytics," said Joe Nackashi, president of Black Knight. "With Black Knight and the MSP servicing system on its side, the company is well-equipped to expand its portfolio while providing an exceptional customer experience and supporting regulatory requirements."
About Cornerstone Home Lending
Founded in 1988 in Houston, Texas, Cornerstone has assisted families on over 450,000 home financing transactions. Cornerstone's 1,900 team members are guided by a non-negotiable Mission, Vision & Convictions statement. Cornerstone is known for its commitment to closing mortgage loans on time; its refreshing culture; caring, passionate and experienced team members; a comprehensive array of innovative mortgage lending products and services; and a workplace that is recognized year after year as a "Top Workplace." For more information, please visit www.houseloan.com.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.
For more information:
Michelle Kersch
Black Knight, Inc.
904.854.5043
michelle.kersch@bkfs.com
Mitch Cohen
Black Knight, Inc.
704.890.8158
mitch.cohen@bkfs.com
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SOURCE Black Knight, Inc.
