Black Knight, Inc. on Thursday announced that mortgage loan sub-servicing provider LoanCare will implement the Black Knight Loss Mitigation solution to support homeowners in need of mortgage payment assistance programs.
LoanCare, which services loans for banks, credit unions, independent mortgage companies and portfolio investors, also renewed its contract for Black Knight’s mortgage service software MSP, which includes the system’s abilities to integrate with technologies and data, regulatory updates, and client-owned data protection.
“After working closely with LoanCare for more than 30 years, we look forward to them using these solutions to help increase efficiency and customer satisfaction by reducing the number and length of phone calls with borrowers who need payment assistance,” Black Knight CEO Joe Nackashi said in a prepared statement.
According to its website, the loss mitigation solution, a part of Black Knight’s suite of default capabilities, helps servicers provide borrowers with timely information, enables usage of the borrower-assistance process, reduces maintenance costs of multiple systems and risks, maintains data consistency, and presents programs the borrower meets eligibility requirements for.
The MSP system, which can be used to service both first mortgages and home equity loans on one unified platform, also helps clients manage servicing processes like loan onboarding, cash management, investor reporting, loss mitigation and default. It helps servicers focus on increasing operational efficiency, reducing operating costs and improving risk mitigation.
In combination with the MSP system, the loss mitigation product will troubleshoot mortgage payment issues for its clients’ customers, according to the company. Through this, customers can notify their servicer if they are unable to make a payment and get access to various forbearance plans and repayment options.
Loss Mitigation also tracks the information and notifies a servicer to initiate communication with the customer.
“Black Knight and LoanCare both believe combining technical innovation and insightful data with service-oriented people and efficient processes is the best way to advance the mortgage servicing experience,” LoanCare president Dave Worrall said.