KeyBank Successfully Adds Home Equity Portfolio to Black Knight's Industry-Leading MSP Servicing System
On Sept. 21, 2020, Black Knight (NYSE:BKI) announced a successful transfer of KeyBank's home equity portfolio to its MSP servicing system, which already manages KeyBank's first mortgage loans. This integration is expected to streamline operations and enhance customer experiences by using a single platform for servicing both loan types. MSP services around 36 million active loans, showcasing its scalability and efficiency. KeyBank also utilizes several other Black Knight solutions, reinforcing their ongoing collaboration.
- KeyBank integrates home equity loans with first mortgages onto Black Knight's MSP system, improving operational efficiency.
- The MSP platform services approximately 36 million loans, indicating its effectiveness and reliability.
- The collaboration reinforces KeyBank's reliance on Black Knight for multiple financial solutions, enhancing customer experience.
- None.
JACKSONVILLE, Fla., Sept. 21, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) announced today that KeyBank, one of the nation's largest bank-based financial services companies, has successfully transferred its home equity portfolio onto the industry-leading Black Knight MSP servicing system, where its first mortgage loan portfolio is currently being serviced. Using a single, integrated servicing platform for first mortgages and home equity loans, KeyBank will be able to streamline its operations, and compliance and reporting requirements, while enhancing the customer experience.
"Adding KeyBank's home equity loan portfolio to the MSP system to maximize operational efficiency was an easy choice, given our satisfaction with this innovative platform for our first mortgage portfolio," said Dominic Cugini, SVP Automation, Lending Servicing & Default Transformation, KeyBank. "The project remained on track, even with the teams working from home, and we look forward to continuing our successful working relationship with Black Knight."
MSP is used by financial institutions to service approximately 36 million active loans – more than any other in the mortgage industry. The scalable system, which helps clients manage all servicing processes – from payment processing to escrow administration, customer service, default management and more – can accommodate virtually any size portfolio and includes award-winning client support services. By servicing its home equity loans and lines on the same MSP platform as its first mortgages, KeyBank will be able to increase operational efficiencies, improve risk management and deliver an enhanced experience to its customers.
KeyBank also uses several of Black Knight's comprehensive and fully integrated solutions, including the Empower loan origination system, Bankruptcy, Foreclosure, Loss Mitigation, Invoicing, Actionable Intelligence Platform (AIP), Lien Alert and McDash standard reports.
Because the company leverages these core offerings, KeyBank is one of Black Knight's enterprise clients. By gaining business process automation, workflow, rules, and integrated data throughout the loan process, Black Knight enterprise clients can help reduce risk, improve efficiency and drive financial performance.
"Both KeyBank and Black Knight teams delivered a flawless execution for this home equity loan portfolio implementation," said Joe Nackashi, president of Black Knight's Servicing Technologies division. "We value our close relationship with KeyBank and will continue to deliver advanced capabilities to help KeyBank's teams originate and service loans as the bank's business footprint expands."
About KeyCorp
KeyCorp was organized more than 190 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately
Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com. KeyBank is Member FDIC.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
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SOURCE Black Knight, Inc.
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