Black Knight Financial Services Inc. has announced that LoanCare, a national full-service residential subservicer and ServiceLink company, has signed a seven-year renewal to continue using Black Knight’s LoanSphere MSP, its end-to-end servicing system used by financial institutions to manage the servicing processes for both mortgage and home equity loans.
According to Black Knight, these processes include loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more.
MSP, which helps LoanCare to reduce the costs, resources and potential regulatory risks associated with operating multiple systems, is currently used to service a total of more than 30 million active loans.
“Black Knight’s MSP system offers us innovative features and functionality to support the expansion of LoanCare’s business to serve additional customers,” says Dave Worrall, president of LoanCare.
In addition to using Black Knight’s MSP system, LoanCare uses the following Black Knight servicing solutions:
- LoanSphere Bankruptcy – Assists servicers with managing the bankruptcy process by using workflow and servicer-defined rules to automate bankruptcy-related tasks;
- LoanSphere Foreclosure – Uses workflow and automated, servicer-defined rules to help servicers with the foreclosure process; and
- LoanSphere Invoicing – Provides a Web-based invoice management solution that consolidates invoice process tasks, from bill presentment and processing to post-payment activities.
“We are pleased to continue our trusted relationship with LoanCare and deliver solutions that help support its operations, reduce costs and mitigate risk,” says Joe Nackashi, president of Black Knight’s servicing technologies division. “We appreciate LoanCare’s confidence in us and will continue to enhance the system to deliver new capabilities to support its future growth and success.”