The Data & Analytics division of Black Knight Financial Services, Inc. launched Black Knight HOA Solutions, an enhanced offering that expands upon Black Knightâs flagship HOA Lien Pro product, which can help protect mortgage servicers and investors from super-lien-related losses in applicable states.
Super liens are recorded by homeowners associations (HOAs) in numerous states for delinquent accounts putting the HOA in first lien position, superseding the mortgage. Relegated to junior lien holder status, servicers face the potential for significant losses when a foreclosed home is sold by the HOA. HOA Solutions can identify properties subject to HOAs nationwide â then detect liens and help cure delinquencies using its managed services capabilities and data and analytics from Black Knightâs trusted, high-performance title plant data.
Black Knightâs HOA Solutions offering features three components:
- HOA Identification Suite â Consists of three products: HOA ID Score, HOA ID Score Plus and HOA Identification Report. The first two products offer portfolio analytics that help establish which loans are subject to an HOA. HOA Identification Report is more frequently used as part of default servicing and the foreclosure process (pre- and/or post-sale) to determine if an HOA exists for a property. If one does, HOA Identification Report provides precise contact details for the HOA, property management company and collections firm, if applicable.
- HOA Lien Monitoring â Helps servicers to cost-effectively monitor their entire portfolios through three products: HOA Lien Pro, HOA Lien Search and HOA Direct. This suite identifies HOA liens and/or delinquency information that may present risk to a portfolio and can provide HOA lien copies, payoffs, ledgers and estoppel letters to provide servicers with a better understanding of the HOA lien status. Collectively, these three products help Black Knight to search and monitor 100 percent of any portfolio on behalf of a client.
- HOA Curative â If an HOA delinquency or lien is identified, Black Knight can assist clients by performing statutory reviews, conducting negotiations to support fees that are justified and in accordance with state statutes and community association bylaws, making payments to cure the HOA delinquency or keep the property current on HOA fees owed, and verifying lien releases.
Additional Black Knight HOA Solutions services include obtaining documents such as bylaws, declarations, lien satisfaction documentation and covenants, conditions and restrictions (CCRs).
âWe are pleased to expand upon our successful HOA Lien Pro product to offer a true start-to-finish, configurable solution for servicers dealing with HOAs,â said Kevin Coop, president of Black Knightâs Data & Analytics division. âHOAs are growing nationwide, and there is great demand for this type of information in the market to help servicers and investors better mitigate risk and avoid potential losses.â
In other Black Knight news, the company announced the execution of an agreement with the California Regional MLS (CRMLS) to deliver Black Knightâs Paragon MLS system to CRMLSâ 75,000 members.
âIt is time to break through the barrier of being limited to one MLS platform,â CRMLS CEO Art Carter said. âWe have wanted to do this for some time, and we are pleased to form this partnership with the Black Knight Paragon team. Our industry is constantly evolving, and we need to be more responsive to agents, brokers and consumers who are redefining the way they work. The result of this project will give our members better choices as the vendors vie for user selection.â