Seeking to move its loans from a subservicing provider to in-house servicing, myCUmortgage, a credit union servicing organization wholly owned by Wright-Patt Credit Union, recently signed a seven-year contract for Black Knight Financial Services’ LoanSphere mortgage servicing platform (MSP).
The contract also includes use of the Black Knight’s Loan Boarding, Customer CareNet, iDisburse, Director, Passport and Web Direct solutions.
myCUmortgage selected Black Knight because of the company’s proven expertise and the platform’s flexibility to support changing regulatory requirements, Black Knight says in a press release.
“MSP’s scalability will allow us to service a growing portfolio of loans while delivering excellent service to our members,” says Tim Mislansky, president of myCUmortgage. “We are looking forward to the process consistency and comprehensive functionality offered by MSP, as well as to working with a proven technology provider that can help support our regulatory compliance.”
Black Knight announced earlier this month that mortgage lender PNC Bank NA has renewed its subscription for MSP for seven more years and will now start servicing home equity loans using the revamped platform.
PNC is consolidating its technology onto one servicing platform for mortgages and home equity loans to improve efficiency and risk management, Black Knight says in a separate release.
PNC uses the all-in-one platform for loan boarding, payment processing, escrow administration, default management and more. The bank also uses Black Knight solutions to support bankruptcy and foreclosure processes; invoicing; integration and collaboration with service providers; and to access insightful data and analytics.