Black Knight Financial Services, Inc. announced that LoanCare, a ServiceLink company that is a leading national full-service residential subservicer, has signed a seven-year renewal to continue using Black Knightâs LoanSphere MSP, a comprehensive, end-to-end servicing system used by financial institutions to manage the servicing processes for both mortgage and home equity loans, the company announced in a press release.
These processes include loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. MSP, which helps LoanCare to reduce the costs, resources and potential regulatory risks associated with operating multiple systems, is currently used by many of the nationâs leading financial institutions to service a total of more than 30 million active loans.
Some features of the product include:
- Black Knightâs MSP system provides enhanced functionality to support LoanCareâs growing business;
- MSPâs comprehensive, end-to-end loan servicing system encompasses all areas of servicing -- from loan boarding to default â for first mortgages and home equity products; and
- LoanCare also uses additional Black Knight servicing solutions for bankruptcy, foreclosure and invoicing.
- âBlack Knightâs MSP system offers us innovative features and functionality to support the expansion of LoanCareâs business to serve additional customers,â LoanCare President Dave Worrall said in the release. âBlack Knightâs commitment to continuous enhancements of its technologies will help LoanCare meet our clientsâ servicing needs both now and in the future and support our efforts to provide a best-in-class experience for our clientsâ borrowers.â
In addition to using Black Knightâs MSP system, LoanCare, a leading national provider of full-service subservicing and interim subservicing to the mortgage industry, uses the following Black Knight servicing solutions:
- LoanSphere Bankruptcy â Assists servicers with managing the bankruptcy process by using workflow and servicer-defined rules to automate bankruptcy-related tasks;
- LoanSphere Foreclosure â Uses workflow and automated, servicer-defined rules to help servicers with the foreclosure process; and
- LoanSphere Invoicing â Provides a web-based invoice management solution that consolidates invoice process tasks â from bill presentment and processing to post-payment activities.
âWe are pleased to continue our trusted relationship with LoanCare and deliver solutions that help support its operations, reduce costs and mitigate risk,â Black Knight Servicing Technologies Division President Joe Nackashi said. âWe appreciate LoanCareâs confidence in us and will continue to enhance the system to deliver new capabilities to support its future growth and success.â