Navy Federal Expands Partnership with Black Knight; Largest Credit Union Signs Extension for MSP Servicing System, Adds Servicing Digital Solution
On April 29, 2021, Black Knight (NYSE: BKI) announced an extension of its contract with Navy Federal Credit Union, the world's largest credit union, which serves over 10 million members. The renewal involves the MSP servicing system, managing approximately 36 million active loans. Additionally, Navy Federal will adopt Black Knight's Servicing Digital solution, providing members with detailed, personalized loan information and features like online payments. This collaboration highlights a strong partnership built over 40 years, enhancing member experience through innovative digital solutions.
- Navy Federal extended its contract with Black Knight, ensuring continued use of the MSP servicing system.
- The MSP system services approximately 36 million active loans, indicating robust market presence.
- Introduction of Black Knight's Servicing Digital solution enhances member experience by providing personalized loan information and 24/7 access.
- None.
JACKSONVILLE, Fla., April 29, 2021 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE: BKI) announced that Navy Federal Credit Union, which serves over 10 million members globally and is the world's largest credit union, has extended its contract to use Black Knight's industry-leading MSP servicing system. 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 Navy Federal manage all mortgage servicing processes, can accommodate virtually any size portfolio and includes award-winning client support services.
Additionally, the credit union will begin to offer Black Knight's Servicing Digital solution to its members. Servicing Digital delivers detailed, timely and highly personalized loan information about the value of members' homes and how much wealth can be built from these real estate assets. Servicing Digital can help deepen relationships and increase satisfaction by giving clients' customers easy, round-the-clock access to home and loan information; providing the ability to make mortgage payments online; and presenting opportunities for refinancing, taking out a home equity loan or purchasing another home. The solution is available anytime, anywhere online and via mobile devices.
Servicing Digital enables homeowners to easily perform tasks and view information related to their mortgages through a simple, user-friendly interface, while providing a platform for continual engagement between servicers and their customers. The innovative, consumer-centric solution delivers useful information specific to an individual's mortgage, property and local housing market by accessing the servicer's data through Black Knight's comprehensive, end-to-end MSP system, as well as the company's industry-leading property records database, advanced analytics and automated valuation models. Navy Federal will use the responsive web design version of Servicing Digital, which is also available as a native mobile app.
"Black Knight is honored that Navy Federal has chosen to extend our longstanding, collaborative relationship of more than 40 years by not only renewing its use of the MSP system, but enhancing its member experience with advanced digital capabilities," said Joe Nackashi, president of Black Knight. "We look forward to continuing to support Navy Federal with innovative solutions to help fulfill its mission as the most trusted and preferred financial institution serving members of the military and their families."
About Navy Federal Credit Union
Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving over 10 million members globally and is the world's largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of over 22,000 and has a global network of 343 branches. For more information about Navy Federal Credit Union, visit navyfederal.org.
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.
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SOURCE Black Knight, Inc.
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