- MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default.
- The MSP servicing system will provide FirstBank with a proven technology that will help the bank increase operational efficiencies and support its efforts to remain compliant with regulatory requirements.
- FirstBank will also use Black Knight’s Lien Alert solution, which is integrated with MSP, to help proactively manage risk and improve decision-making, and the McDash reporting suite for insights into monthly prepayment and delinquency trends.
- FirstBank currently uses Black Knight’s Empower loan origination system to support its retail lending channel.
JACKSONVILLE, Fla., Aug. 09, 2017 (GLOBE NEWSWIRE) -- Black Knight Financial Services (NYSE:BKFS) announced today that FirstBank, the nation’s third largest privately held bank, has signed a six-year contract to implement LoanSphere MSP, Black Knight’s industry-leading servicing system, which supports both first mortgages, as well as home equity loans and lines of credit. MSP’s single, comprehensive platform will be used by FirstBank to manage all of its mortgage servicing processes, including loan boarding, payment processing, escrow administration, default management and more. MSP’s innovative technology will support FirstBank’s growth goals and efforts to remain compliant with regulatory requirements.
FirstBank’s agreement also includes the use of Lien Alert, a unique, automated solution from Black Knight that monitors loans and provides alerts on critical lien-related indicators that could impact a servicer’s business, such as foreclosure/default activity, ownership changes, new loans recorded, ARM resets and more. The Lien Alert solution is integrated with MSP. In addition, FirstBank will use Black Knight’s McDash reporting suite, which offers insights into monthly prepayment and delinquency trends for various sectors within the mortgage market and detailed roll-rate reporting derived from one of the industry’s largest and most granular loan-level mortgage performance databases.
“With Black Knight, we found an experienced provider that could help us manage our expanding servicing portfolio and support our growth initiatives,” said Rob Chaney, president of loan operations for FirstBank. “We value the proven stability of Black Knight’s servicing system, its reputation for providing compliance support and the enhanced services MSP helps us to provide our customers.”
FirstBank also uses LoanSphere Empower, Black Knight’s robust loan origination system (LOS), to support its retail lending options. Empower is a web-based, end-to-end LOS that delivers the functionality to electronically originate, process and close first mortgages and home equity products on the same system, as well as capture and process data throughout the origination process. FirstBank will also use Black Knight’s LoanSphere Loan Boarding to seamlessly board loans from Empower onto the MSP servicing system – saving considerable time, resources and costs.
“We are proud that our MSP servicing system and other solutions were selected to help FirstBank manage its growing operations more effectively,” said Black Knight President Joe Nackashi. “FirstBank will be able to realize exponential value from all the advantages these integrated solutions can offer, including enhanced risk management, increased scalability and enhanced customer service.”
About FirstBank
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 750,000 customers. Since 2000, FirstBank has contributed more than $57 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to efirstbank.com.
About LoanSphere
LoanSphere is Black Knight’s premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight’s LoanSphere helps lenders and servicers reduce risk, improve efficiency, and drive financial performance.
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE:BKFS) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.
SOURCE: BLACK KNIGHT FINANCIAL SERVICES, INC.
For more information:
Media contact:
Michelle Kersch
904.854.5043
michelle.kersch@bkfs.com
