Black Knight, now a part of Intercontinental Exchange, recently
announced an agreement with Mission Federal Credit Union for the use of Black
Knight’s MSP loan servicing system – a comprehensive, end-to-end loan
servicing system supporting all aspects of servicing, from loan boarding to
default.
Mission Federal Credit Union will also use the Black Knight Collections
solution, as well as loss mitigation, to connect homeowners with qualified
assistance options when they face financial hardship, according to a Black Knight press release.
“At Mission Federal Credit Union, everything we do is
centered on our members, and advancing our technology is an important part of
this journey,” Mission Federal Credit Union Chief Lending Officer Vince Nowicki
said in the release. “Black Knight has been a trusted leader in the
mortgage space for decades, and the MSP system and integrated servicing
solutions they offer are exactly what we need to enhance the experience we
deliver to our members.”
Collections is Black Knight’s latest solution and is designed
to deliver insight-based functionality to assist servicers in their efforts to
keep members in their homes during periods of financial hardship, the release notes. As a solution
within Black Knight’s default suite, Collections works by streamlining the
process of engaging customers with meaningful information. This early
engagement can help resolve delinquency and prevent foreclosure and late-stage
default by making qualified assistance options more accessible and timelier to
both homeowners and servicers. Mission Federal will also use Loss Mitigation,
another solution in the default suite. This feature-rich, web-based solution
supports industry-standard retention, collections and liquidation workouts to
further serve members experiencing hardship.
Used in combination with MSP and Loss Mitigation, Servicing
Digital is an interactive, self-service responsive web and mobile app solution
that provides easy access to customized, timely information about a member’s
mortgage and home. This powerful solution set will support deeper relationships
and engagement by giving members the tools they need to request assistance from
Mission Federal Credit Union at their convenience. Additionally, Mission
Federal employees can access key information to help their members address
delinquent payments quickly and efficiently to ultimately avoid transitioning
them into default.
The credit union will also use the customer service
solution, which gives support representatives access to detailed, holistic and
timely information at the point of member contact. The solution presents loan,
home and neighborhood information through an intuitive, easy-to-use graphical
interface – helping representatives deliver exemplary service by responding to
questions quickly, accurately and efficiently. Since Mission Federal is
implementing both Customer Service and Servicing Digital, the company’s support
representatives will have a view of what their members are seeing on their
device when they call, facilitating an even more productive and enriching
conversation.
Mission Federal Credit Union is
also taking advantage of several servicing-focused data and analytics solutions
from Black Knight, including the Actionable Intelligence Platform, which
delivers strategic, proactive and actionable analytics to the right people
across an organization at the right time, so they know which action to take
next. Additionally, the organization will use McDash industry reports to
provide delinquency and prepayment overviews, roll rates and state-level
mortgage performance data to support benchmarking and analysis, portfolio
management and strategy development.