The Money Source, a national correspondent lending company, has signed a five-year contract for Black Knight's MSP platform.
The company is moving its mortgage loans from a current subservicing provider to in-house servicing, Black Knight says in a press release.
Black Knight says The Money Source selected MSP because it will help the company comply with new and ever-changing regulations. It also selected the solution based on its scalability: Because the MSP is delivered in an on-demand fashion, The Money Source can readily scale up and down the number of seats it needs as its portfolio grows and contracts.
What's more, the platform can be readily integrated with other leading platforms and systems.
The Money Source will be using MSP in conjunction with several other systems from Black Knight, including its LoanSphere Loan Boarding solution, which automates the loan setup process, and Customer CareNet, which gives The Money Source's borrowers instant access to their mortgage information.
In addition, the Money Source will be using iDisburse, a fully automated check-printing solution for reviewing, printing and auditing disbursements; Director, MSP's graphical interface for users; Bulk Data Extract (BDE), which sends data files to servicer clients, allowing them to load large quantities of mortgage data into their personal data warehouses; and Passport, a browser-based ad hoc query solution that accesses loan portfolio data housed on MSP.