Primary Residential Mortgage, Inc. to Use Black Knight's Suite of Servicing Solutions to Expand Its Servicing Operations; Increase Retention
On October 7, 2020, Black Knight, Inc. (NYSE:BKI) announced that Primary Residential Mortgage, Inc. has selected its comprehensive servicing solutions to enhance operations. The MSP software platform will support PRMI's growth by managing approximately 36 million active loans. The deal includes tools for loan onboarding, cash management, and loss mitigation. Additionally, PRMI will utilize the Actionable Intelligence Platform for strategic analytics, improving customer retention and business growth. CEO Kenneth Knudson emphasized the importance of these technologies for increasing efficiency.
- PRMI chooses Black Knight's comprehensive servicing solutions, enhancing operational capabilities.
- MSP platform supports management of approximately 36 million active loans, indicating strong market confidence.
- Implementation of innovative tools like Actionable Intelligence Platform to boost customer retention.
- None.
JACKSONVILLE, Fla., Oct. 7, 2020 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) announced today that Primary Residential Mortgage, Inc. (PRMI), a nationwide, multibillion-dollar mortgage lending and servicing operation, has chosen Black Knight's full suite of servicing solutions to support its expanding servicing business. At the core of Black Knight's servicing suite is MSP, an industry-leading software platform that supports both mortgage and home equity lines and loans on one system and is currently used to service approximately 36 million active loans.
"In today's market, it's more critical than ever for us to have a servicing system that can help us increase portfolio retention and effortlessly scale to our growth," said Kenneth Knudson, chief executive officer and president of PRMI. "The MSP system and its integrated solutions will help support PRMI's customer-for-life commitment, and provide more real-time data and analytics to increase business optimization and performance."
MSP offers a robust and scalable end-to-end loan servicing system that helps clients manage all servicing processes, including loan onboarding, cash management, investor reporting, loss mitigation and default. The system can accommodate virtually any size portfolio and is augmented by Black Knight's award-winning client support.
Integrated with MSP is Black Knight's Servicing Digital solution, which enables homeowners to easily perform tasks and view information related to their mortgages through a simple, user-friendly interface. The innovative, customer-centric solution delivers useful information specific to an individual's mortgage, property and local housing market by accessing 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. PRMI will use the responsive web version of Servicing Digital, but the solution is also available as a native mobile app.
To further support its servicing operations, PRMI will also use Black Knight's Loss Mitigation solution, which uses advanced, question-and-answer-based workflow and automated decisioning capabilities to support servicers' loss mitigation programs. The solution streamlines the decision process using pre-configured guidelines and reduces risk through built-in quality controls. An enhanced interface guides the user through each step of the process, leveraging logic and servicer-defined rules to drive work assignments between the underwriter and the quality control team.
To monitor its operational volumes, PRMI will use Black Knight's Actionable Intelligence Platform (AIP). The AIP delivers strategic, proactive and actionable analytics to the right people across an organization at the right time, so they know which action to take next. The AIP will help PRMI identify opportunities within its portfolio to help retain customers and grow business.
"By using multiple Black Knight servicing solutions, Primary Residential Mortgage will be able to enhance both its retention efforts and support its business growth," said Black Knight President Joe Nackashi. "We are proud to collaborate with PRMI and to provide the continuous innovation and premier support PRMI needs to drive its operations to the next level."
About Primary Residential Mortgage, Inc. (PRMI)
Primary Residential Mortgage, Inc. is a nationwide, multibillion-dollar retail mortgage lender and mortgage servicer with headquarters in Salt Lake City, UT. With over 275 branches, licensed in 49 states and more than 2,200 employees, PRMI has been repeatedly recognized both nationally and locally as one of the nation's top mortgage lenders and industry thought leaders. For more information, call 800-255-2792, visit www.primaryresidentialmortgage.com or follow us on LinkedIn, Twitter and Facebook. PRMI is an Equal Housing Lender. NMLS #3094.
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 serving their customers. For more information on Black Knight, please visit www.blackknightinc.com.
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Black Knight, Inc. | Black Knight, Inc. |
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SOURCE Black Knight, Inc.
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