One thing that mortgage servicers always need to be aware of is whether there is a new lien on a borrower’s property. Knowing this information as soon as possible is critical to protecting investors and other portfolio holders against potential losses.
As such, mortgage software firm Black Knight Finanical Services recently introduced a new lien alert system that automatically alerts servicers, lenders and other parties when there are new liens on a property in a portfolio.
The new Lien Analytics Suite supports a portfolio risk management by drawing on comprehensive public records and credit data for increased visibility into properties, borrowers and loans. Using this new suite of tools, servicers, investors and lenders can analyze the collateral position of a mortgage and gain a historical view of the property, the firm says in a press release.
The suite is basically a bundling of multiple Black Knight data and analytics products. By combining these tools, the firm aims to help clients better understand and identify potential risks within their portfolios or pools of loans.
The Lien Analytics Suite features numerous datasets from which clients can select the type and granularity of the information they need to identify risk and support compliance management. It includes the option to combine consumer credit bureau data with public records information, providing clients with a comprehensive view of subject properties, borrowers and loans. Additional data related to property ownership, mortgage performance and foreclosure can also be appended for deeper analysis.
Importantly, this information can be delivered in an automated fashion so that servicers can get alerts about liens quickly.
“By automatically providing early lien notifications, the Lien Analytics Suite reduces the time clients spend manually accessing public records information and credit data for loans in their portfolios,” says Kevin Coop, president of Black Knight’s data and analytics division, in the release.