Loss Mitigation
FEATURE-RICH, WEB-BASED LOSS MITIGATION SOLUTION
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.
INDUSTRY-STANDARD AND PROPRIETARY WORKOUTS
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:
- Provide borrowers with accurate, timely information
- Apply consistent use of the borrower-assistance process
- Reduce costs associated with maintaining multiple systems
- Identify and present the programs in which the borrower meets eligibility requirements
- Support compliance requirements
- Improve process efficiencies
- Enhance the borrower experience
- Reduce risk
- Maintain data consistency
ROBUST CAPABILITIES
Built-in Quality Controls
Built-in second-level reviews and validation points throughout the workflow help reduce risk.
Interview-Based Workflow and Automation
Highly intuitive interface guides users through each step, leveraging logic and servicer-defined rules to drive work assignments and simplify the loss mitigation process.
Electronic Signature and Document Delivery
Integration with Black Knight’s electronic signature, document-delivery and tracking capabilities streamlines the gathering and management of the Borrower Response Package.
Features to Help Streamline Operations
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.