New American Funding has reportedly signed a multiyear contract to use Black Knight Financial Services‘ new LoanSphere Loss Mitigation solution. The firm is already using Black Knight’s MSP servicing system.
The Web-based solution offers comprehensive workflow and decisioning capabilities that mortgage servicers need to provide timely loss mitigation assistance to borrowers, while also creating an audit trail to help support their compliance with changing government and investor requirements.
“Black Knight’s loss mitigation technology is a giant step forward for the servicing industry and will help us meet many of the requirements stipulated by the Consumer Financial Protection Bureau’s mortgage servicing rules,” says James Clymer, executive vice president for mortgage servicing at New American Funding. “This solution helps enhance our internal processing for borrower loss mitigation requests, as well as the overall borrower experience.”
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