Black Knight, Inc. recently announced that Fremont Bank, the only independent and locally owned full-service bank in the San Francisco Bay Area, has renewed its agreement to use Black Knightâs LoanSphere MSP system for seven years, according to a press release.
Fremont Bank uses MSP to service first mortgages, as well as home equity loans and lines of credit, on a single system to improve efficiency and operational performance. As part of this agreement, Fremont Bank will also use other Black Knight solutions:
- Portfolio Overview Insight â Will proactively monitor and manage Fremont Bankâs servicing operations through the use of key performance metrics. By standardizing data views across a servicing organization, each internal business unit views the same information instead of relying on disparate reports with inconsistent definitions of the underlying data.
- Lien Alert â Will provide instant alerts on loans in the servicerâs portfolio when any of seven key lien-related indicators occur that could negatively impact the servicerâs business, such as tax delinquencies and foreclosure/default activities.
âWe have been extremely pleased with the advantages that the Black Knight MSP system offers, allowing us to consolidate the servicing of first mortgages and home equity loans on a centralized system,â Gary De Luca, senior vice president and group executive of Residential Lending for Fremont Bank, said in the release. âThe systemâs automation, flexibility and scalability have helped us meet our goals for increased savings and operational efficiency.â
The MSP loan servicing system is an end-to-end solution that encompasses all aspects of servicing, and offers comprehensive functionality to support servicersâ regulatory requirements. MSP is used to service more than 30 million active loans and helps servicers increase operational efficiency, reduce operating costs and improve risk mitigation.
Portfolio Overview Insight leverages both Black Knightâs LoanSphere Data Hub â a technology that collects, links, and stores loan data from client applications, Black Knight technologies, and industry data in a central location â and Black Knightâs enterprise business intelligence tool, LoanSphere Motivity. These solutions offer on-demand, dynamic reporting that servicers can use to quickly view detailed information about their servicing portfolios without printing a report or opening a file.
In addition to the products selected as part of this agreement, Fremont Bank also utilizes Black Knightâs LoanSphere Empower loan origination system and is in the process of implementing LoanSphere Exchange, the largest fully interconnected network of lenders and service providers in the U.S. As a result of using multiple solutions across the loan life cycle, Fremont Bank is considered a Black Knight enterprise client. By gaining business process automation, workflow, rules, and integrated data throughout the loan process, Black Knight enterprise clients can help reduce risk, improve efficiency and drive financial performance.
âWe value our long-time relationship with Fremont Bank and are pleased that we will be able to offer even more advantages through additional innovative solutions,â Black Knight President Joe Nackashi said. âWe are continually investing in our servicing technologies to help all of our clients drive growth and performance, while helping them support compliance efforts.â