FirstBank Inks Multi-Year Contract For Black Knight’s LoanSphere MSP

Posted by Lauren Tyler on August 09, 2017 No Comments
Categories : Mortgage Servicing

Black Knight Financial Services (BKFS) has announced that FirstBank, a privately held bank, has signed a six-year contract to implement its LoanSphere MSP servicing system, which supports first mortgages and home equity loans and lines of credit.

According to BKFS, its MSP platform will be used by FirstBank to manage all of its mortgage servicing processes, including loan boarding, payment processing, escrow administration and default management, in order to support the bank’s growth goals and efforts to remain compliant with regulatory requirements.

FirstBank’s agreement also includes the use of Lien Alert, an 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 and adjustable-rate mortgage resets. As reported, 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.

“With Black Knight, we found an experienced provider that could help us manage our expanding servicing portfolio and support our growth initiatives,” says 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.”

According to BKFS, FirstBank also uses its LoanSphere Empower loan origination system (LOS) to support its retail lending options. The Web-based, end-to-end LOS can 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.

BKFS adds that FirstBank will also use its LoanSphere Loan Boarding offering to board loans from Empower onto the MSP servicing system, saving considerable time, resources and costs.

“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,”  says Black Knight President Joe Nackashi.

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