- MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default, for first mortgages and home equity loans.
- Fremont Bank’s use of MSP has significantly increased both savings and operational efficiencies.
- Fremont Bank’s use of one central servicing system of record has helped the bank improve data accuracy while minimizing risk.
JACKSONVILLE, Fla. – Oct. 30, 2017 – Black Knight, Inc. (NYSE: BKI) announced today 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 Knight’s LoanSphere MSP system for seven years. 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 key Black Knight solutions:
- Portfolio Overview Insight – Will proactively monitor and manage Fremont Bank’s 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 – Will provide instant alerts on loans in the servicer’s portfolio when any of seven key lien-related indicators occur that could negatively impact the servicer’s business, such as tax delinquencies and foreclosure/default activities.
“We 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,” said Gary De Luca, senior vice president and group executive of Residential Lending for Fremont Bank. “The system’s automation, flexibility and scalability have helped us meet our goals for increased savings and operational efficiency.”
The MSP loan servicing system is an end-to-end solution that encompasses all aspects of servicing, and offers comprehensive functionality to support servicers’ 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 Knight’s LoanSphere Data Hub — a technology that collects, links, and stores loan data from client applications, Black Knight technologies, and industry data in a central location — and Black Knight’s 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 Knight’s 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.
“We 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,” said Joe Nackashi, president of Black Knight. “We are continually investing in our servicing technologies to help all of our clients drive growth and performance, while helping them support compliance efforts.”
About Fremont Bank
Fremont Bank (www.fremontbank.com) is the leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is one of the oldest independent family owned and managed banks in the region and focuses on personalized service for individuals and businesses. It serves communities through 20 branches and seven additional ATMs throughout the Greater Bay Area. Exceptional client service is the cornerstone of Fremont Bank’s business. Accommodation of customer needs in a friendly, personal atmosphere characterizes the Bank’s culture.
LoanSphere is Black Knight’s premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight’s LoanSphere helps lenders and servicers reduce risk, improve efficiency, and drive financial performance.
Clients that use multiple LoanSphere offerings, such as Empower and/or LendingSpace; Exchange, Quality Insight or Closing Insight; and MSP, are considered Black Knight enterprise clients and can realize exponential value from the integration of these technologies, as well as the utilization of Black Knight’s comprehensive data and analytics.
About Black Knight
Black Knight is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.