Black Knight Updates MSP For New Fannie Mae Investor Reporting Requirements

Posted by Patrick Barnard on March 13, 2017 No Comments
Categories : Residential Mortgage

Black Knight Financial Services has updated its LoanSphere MSP servicing system in response to changes to Fannie Mae’s investor reporting requirements.

The changes, which took effect Feb. 1, eliminated the single-family mortgage-backed security (MBS) “call-in” requirement for monthly pool balance reporting and changed the loan-level reporting for all loans from a monthly to a daily reporting cycle.

The updates also include changes to loan activity report timing and delivery.

The changes affect more than 11.5 million Fannie Mae loans being serviced on the MSP system for 61 financial institution clients, Black Knight says in a release.

Black Knight is also providing educational resources to explain the new system features, including documentation on the call-in elimination enhancement; information and checklists for pre-implementation, implementation and migration activities; educational webinars and white papers; and computer-based training courses.

In addition, the firm has a team of experienced consultants in place to assist companies in meeting the new requirements.

“Fannie Mae’s elimination of the MBS call-in requirement will simplify servicer policies and procedures, and the new investor reporting changes reflect industry-standard best practices for accurate and timely security balance processing,” says Joe Nackashi, president of Black Knight’s Servicing Technologies division. “Black Knight continues to support innovation through sizable investments in the MSP servicing system and to use our leading fintech capabilities to help our servicer clients save time and effort, while supporting their efforts to stay compliant.”

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