LoanCare Will Use Black Knight Loss Mitigation Solution to Help Homeowners Who Need Mortgage Payment Assistance
On March 9, 2023, Black Knight (NYSE: BKI) announced a renewed agreement with LoanCare, a leading mortgage loan subservicer, to implement its Loss Mitigation solution. This strategic partnership aims to enhance payment assistance for borrowers facing financial difficulties. The Loss Mitigation system will work alongside Black Knight's MSP loan servicing system, improving operational efficiency and customer service. With over 30 years of collaboration, this renewal reflects both companies' commitment to innovation and customer satisfaction in the mortgage servicing industry.
- LoanCare's use of Black Knight's Loss Mitigation solution enhances support for borrowers struggling with mortgage payments.
- The renewal of the agreement indicates a long-term, fruitful partnership that may drive profitability.
- The MSP system helps increase operational efficiency for LoanCare, potentially reducing costs.
- None.
Renews Agreement for Black Knight MSP Loan Servicing System
JACKSONVILLE, Fla., March 9, 2023 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE: BKI) announced that LoanCare, a top national provider in full-service, component and interim mortgage loan subservicing, will implement the Black Knight Loss Mitigation solution to support payment assistance programs. Additionally, LoanCare renewed its contract to continue using MSP, Black Knight's loan servicing system.
"Everyone at LoanCare is passionate about delivering service beyond expectations. Being able to quickly present options to borrowers facing difficult circumstances will be an efficient, effective way to help them find a way to stay in their homes," said Dave Worrall, president of LoanCare. "Black Knight and LoanCare both believe combining technical innovation and insightful data with service-oriented people and efficient processes is the best way to advance the mortgage servicing experience."
Loss Mitigation, in combination with the MSP system, allows LoanCare to proactively help its clients' customers who are having trouble making their mortgage payments. Customers can notify their servicer that they are unable to make a payment and view different forbearance plans and repayment options available to them. The information is tracked in Loss Mitigation and alerts the servicer so they can begin proactive communications with the customer. Loss Mitigation is part of Black Knight's suite of default capabilities, which LoanCare uses to help decrease cycle times, reduce costs, mitigate risk and improve operating efficiencies.
MSP is a robust, scalable system that helps clients manage all servicing processes, including loan onboarding, cash management, investor reporting, loss mitigation and default. MSP is augmented by Black Knight's premier, 24/7 client support team, and the system can be used to service both first mortgages and home equity loans on one unified platform to help servicers increase operational efficiency, reduce operating costs and improve risk mitigation.
"After working closely with LoanCare for more than 30 years, we look forward to them using these solutions to help increase efficiency and customer satisfaction by reducing the number and length of phone calls with borrowers who need payment assistance," said Joe Nackashi, CEO, Black Knight. "We will continue to invest in innovative, digitally focused enhancements to the MSP system to deliver innovations that support our clients' growth and success."
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.
About LoanCare
LoanCare is a top national provider of full service, component, and interim mortgage loan subservicing. The company is known for delivering a superior customer experience through personalization and convenience. Its proprietary portfolio management platform, LoanCare Analytics™, identifies risk and opportunity quickly to enable smarter decisioning across the servicing spectrum. For over 30 years, LoanCare has been servicing loans for banks, credit unions, independent mortgage companies and portfolio investors. LoanCare is part of Fidelity National Financial (NYSE: FNF), a Fortune 500 company and leading provider of title insurance and transaction services to the real estate and mortgage industries. For more information, visit www.loancare.com.
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SOURCE Black Knight, Inc.
FAQ
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