Virginia Housing Renews Contract for Black Knight's MSP Servicing System, Adds Loss Mitigation Solution
On October 7, 2021, Black Knight (NYSE:BKI) announced the renewal of its contract with Virginia Housing, a key client for 25 years. Virginia Housing will continue utilizing the MSP servicing system to enhance automation and support for residents, incorporating Black Knight's Loss Mitigation solution. This is particularly timely as over 1 million loans are projected to exit forbearance. The partnership aims to modernize IT infrastructure and improve services for those impacted by the pandemic.
- Virginia Housing renews contract, emphasizing long-term partnership.
- Incorporation of Loss Mitigation solution enhances service offerings.
- MSP system supports management of approximately 36 million active loans, increasing operational efficiency.
- None.
JACKSONVILLE, Fla., Oct. 7, 2021 /PRNewswire/ -- Today, Black Knight, Inc. (NYSE:BKI) announced that Virginia Housing, an agency committed to helping Virginians attain quality, affordable housing, has renewed its contract to use the industry-leading MSP servicing system from Black Knight. Virginia Housing has been a valued Black Knight client for 25 years. Through its continued use of MSP, Virginia Housing will be equipped to further automate its processes and support residents within the state. The agency will also add Black Knight's Loss Mitigation solution to support deeper automation in its loss mitigation processes. With over 1 million loans expected to exit forbearance in the next four months nationwide, this solution will help Virginia Housing better support its customers.
"Black Knight has been a valuable partner through Virginia Housing's expansion for over the past two decades," said Pamela Holmes, Director of Loan Servicing at Virginia Housing. "The MSP system offers the functionality and flexibility to continue meeting our evolving needs, and we look forward to supporting our customers who have been impacted by the pandemic and further streamlining our risk mitigation efforts through the addition of the Loss Mitigation solution to our suite of tools."
The MSP loan servicing system supports first mortgages, as well as home equity loans and lines of credit, on a single platform. This complete, scalable, end-to-end system is used by financial institutions to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. Today, MSP helps servicers increase efficiency, reduce operating costs and improve risk mitigation for approximately 36 million active loans currently serviced on the system.
Integrated with MSP, Black Knight's Loss Mitigation solution offers a feature-rich, web-based solution that supports industry-standard retention and liquidation workouts to streamline the loss mitigation process and reduce risk. In addition, Loss Mitigation supports proprietary forbearance and modification programs to support borrowers impacted by COVID-19 or other unprecedented circumstances. The solution also helps servicers to manage the influx of repayment plans, FHA Partial Claims, GSE Payment Deferrals and loan modifications.
"Our enhanced MSP system and its integrated innovative solutions, such as Loss Mitigation, provide strong support to one of Virginia Housing's key strategic goals to transform and modernize its IT infrastructure to enhance security capabilities and implement a business-value-driven service delivery model," said Joe Nackashi, president, Black Knight. "We remain committed to supporting the agency's needs and its desire for deeper automation, so it can continue fulfilling its mission to help Virginians obtain quality, affordable housing."
About Virginia Housing
When homes are affordable and accessible to jobs, good schools and transportation, everyone benefits. Individual lives are improved and communities as a whole grow stronger. Virginia Housing was created in 1972 by the General Assembly to help Virginians attain quality, affordable housing. We carry out this mission by working in public-private partnerships with local governments, community service organizations, lenders, Realtors, developers and many others. We provide mortgages for first-time homebuyers, as well as financing for apartment communities and neighborhood revitalization efforts. We offer free homebuyer classes, support housing counseling, and help people with disabilities and the elderly make their homes more livable. We also administer the federal Housing Choice Voucher and Housing Credit programs in Virginia. Virginia Housing is self-supporting and receives no state taxpayer dollars to fund our programs. Instead, we raise money in the capital markets, and we contribute a significant portion of our net revenues each year to help meet Virginia's most difficult housing needs. www.virginiahousing.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.
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FAQ
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