A feature-rich, intuitive application with built-in workflows and quality control-capabilities, Loss Mitigation℠ helps users of the MSP® servicing system significantly streamline processes, simplify decisioning and reduce risk.
Black Knight is now offering this comprehensive loss mitigation application with an expedited implementation time to help servicers better manage the current volume of forbearance requests – and upcoming surge of loan modifications.
Black Knight’s Loss Mitigation solution supports industry-standard retention and liquidation workouts, as well as proprietary forbearance and modification programs to support borrowers impacted by COVID-19 or other unprecedented circumstances. The solution helps servicers to manage the influx of repayment plans, FHA Partial Claims, GSE Payment Deferrals and loan modifications.
The solution helps servicers:
Built-in second-level reviews and validation points throughout the workflow help reduce risk.
Highly intuitive interface guides users through each step, leveraging logic and servicer-defined rules to drive work assignments and simplify the loss mitigation process.
Integration with Black Knight’s electronic signature, document-delivery and tracking capabilities streamlines the gathering and management of the Borrower Response Package.
Enables users to easily set up and extend forbearance plans; supports the various options available to assist borrowers; evaluates eligibility for loan modifications and other workout options.