Recently, Black Knight, now a part of Intercontinental Exchange, announced that Mission Federal Credit Union, a credit union based in San Diego, Calif., signed a contract to use the MSP loan servicing system, according to a release.
MSP is Black Knight’s comprehensive, end-to-end loan servicing system that supports all aspects of servicing, from loan boarding to default. Mission Federal Credit Union will also use the Black Knight Collections solution, as well as Loss Mitigation, to connect homeowners with qualified assistance options when they face financial hardship.
“At Mission Federal Credit Union, everything we do is centered on our members, and advancing our technology is an important part of this journey,” Vince Nowicki, chief lending officer for Mission Federal Credit Union, said in the release. “Black Knight has been a trusted leader in the mortgage space for decades, and the MSP system and integrated servicing solutions they offer are exactly what we need to enhance the experience we deliver to our members.”
Collections, Black Knight’s latest innovative solution, delivers insight-based functionality to assist servicers in their efforts to keep members in their homes during periods of financial hardship. As a solution within Black Knight’s default suite, Collections works by streamlining the process of engaging customers with meaningful information.
This early engagement can help resolve delinquency and prevent foreclosure and late-stage default by making qualified assistance options more accessible and timelier to both homeowners and servicers. Mission Federal will also use Loss Mitigation, another solution in the default suite. This feature-rich, web-based solution supports industry-standard retention, collections and liquidation workouts to further serve members experiencing hardship.
Used in combination with MSP and Loss Mitigation, Servicing Digital is an interactive, self-service responsive web and mobile app solution that provides easy access to customized, timely information about a member’s mortgage and home. This powerful solution set will support deeper relationships and engagement by giving members the tools they need to request assistance from Mission Federal Credit Union at their convenience. Additionally, Mission Federal employees can access key information to help their members address delinquent payments quickly and efficiently to ultimately avoid transitioning them into default.
The credit union will also use the Customer Service solution, which gives support representatives access to detailed, holistic and timely information at the point of member contact, the release confirmed. The solution presents loan, home and neighborhood information through an intuitive, easy-to-use graphical interface – helping representatives deliver exemplary service by responding to questions quickly, accurately and efficiently. Since Mission Federal is implementing both Customer Service and Servicing Digital, the company’s support representatives will have a view of what their members are seeing on their device when they call, facilitating an even more productive and enriching conversation.
Mission Federal Credit Union is also taking advantage of several servicing-focused data and analytics solutions from Black Knight, including the Actionable Intelligence Platform, which 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.
Additionally, the organization will use McDash industry reports to provide delinquency and prepayment overviews, roll rates and state-level mortgage performance data to support benchmarking and analysis, portfolio management and strategy development.
“At Black Knight, we continuously invest in our software to support our clients’ goals for efficiency, risk mitigation and retention,” Joe Nackashi, vice chair, ICE Mortgage Technology, said. “We’re honored that Mission Federal Credit Union has selected MSP and our integrated servicing solutions to enhance their member experience and optimize its operations.”
Intercontinental Exchange, Inc. is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. ICE Mortgage Technology transforms and digitizes the U.S. residential mortgage process, from consumer engagement through loan registration.
Mission Federal Credit Union is the largest member-owned, not-for-profit, full-service financial institution exclusively serving San Diego County.