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Streamlining the Default Process

Streamlining the Default Process

ADVANCED SOLUTIONS TO HELP YOU LIMIT LOSSES AND KEEP MORE BORROWERS IN THEIR HOME

For non-performing loans, Black Knight’s suite of innovative default solutions helps reduce cycle times, decrease operating costs and improve efficiencies.

 

  • Loan Servicing System
  • Loss Mitigation
  • Bankruptcy
  • Foreclosure
  • Claims
  • Invoicing

INDUSTRY-LEADING LOAN SERVICING SYSTEM

Black Knight’s leading servicing system, LoanSphere® MSP®, includes comprehensive functionality to manage non-performing loans. It is also fully integrated with Black Knight’s suite of default solutions.

MSP delivers a single, integrated platform for mortgage and home equity loans, and automates all areas of loan servicing. The system supports clients with portfolios of 7,000 loans to more than 9 million loans.

Servicing more than 34 million active loans in the U.S., MSP is proven to help:

  • Increase operational efficiency
  • Reduce operating costs
  • Address regulatory requirements
  • Improve risk mitigation

COMPREHENSIVE DEFAULT SOLUTIONS SUITE

Black Knight solutions help simplify the complex process for loans that move into default, while supporting servicers with their compliance requirements.

LoanSphere® Loss Mitigation℠

EVENT MANAGEMENT TO SUPPORT CONSISTENT BORROWER-ASSISTANCE PROCESSES

When loans go into default, servicers need to provide borrowers with timely loss mitigation assistance. LoanSphere® Loss Mitigation℠ offers a comprehensive, end-to-end loss mitigation workflow and decisioning solution that creates an audit trail to show compliance with evolving regulations.

  • Improves process efficiencies
  • Supports workout terms for industry programs from Fannie Mae, Freddie Mac, FHA, USDA and VA
  • Provides transparency across business lines
  • Helps maintain data consistency
  • Enhances risk management
LoanSphere® Bankruptcy℠

STREAMLINES LOAN BANKRUPTCY PROCESSES

Replace a time-consuming, labor-intensive process with robust automation. Using workflow and configurable, rules-based technology, LoanSphere® Bankruptcy℠ is a flexible, scalable solution that helps you:

  • Minimize errors
  • Reduce risk
  • Increase processing volumes
  • Manage court notices

Using LoanSphere® Bankruptcy’s integration with Black Knight’s LoanSphere® MSP® servicing system, loan data can be retrieved to produce approved U.S. Bankruptcy Court Proof of Claim (POC) forms:

  • Prepare, modify and approve the POC forms
  • Upload documents that need to be included with the POC
  • Print the forms directly from the application or transmit the data to an approved third party to complete the filing
LoanSphere® Foreclosure℠

A SINGLE, SECURE AND SCALABLE TECHNOLOGY TO SUPPORT THE FORECLOSURE PROCESS

LoanSphere® Foreclosure℠ helps you:

  • Reduce costs and risk
  • Increase operational efficiencies
  • Facilitate productivity through the system’s automated workflow management technology and a configurable business rules engine.
LoanSphere® Claims℠

MANAGE CLAIMS IN A SINGLE SOLUTION

Manage all types of claims and loss analysis functions with the automation of Black Knight’s LoanSphere® Claims℠ application.

  • Create, track, submit and reconcile each claim type
  • Store claims packages and all related documentation online
  • Save considerable time and resources
  • Increase processing volumes
  • Improve data consistency
LoanSphere® Invoicing℠

AUTOMATE YOUR BILLING AND INVOICE PROCESS

Consolidate invoice process tasks – from bill presentment and processing to post-payment activities – with LoanSphere® Invoicing℠. By creating an entirely electronic process, LoanSphere Invoicing can help you:

  • Realize faster, easier and more cost-effective payments on invoices
  • Work on a single platform with your vendors, including attorney firms and REO brokers

WANT MORE INSIGHTS?

Black Knight offers an Enterprise Business Intelligence platform that can help make portfolio data easier to access, understand and act upon.

MONITOR AND MANAGE DEFAULT TRENDS IN YOUR PORTFOLIO

Black Knight’s Portfolio Overview Insight provides powerful business intelligence that helps servicers more effectively monitor and manage default trends in their portfolio. Through real-time dashboards, key performance metrics and on-demand, interactive reporting, servicers gain greater portfolio visibility and critical insights.

 

LEVERAGE THE POWER OF ADVANCED, COMPREHENSIVE PROPERTY DATA

Black Knight offers one of the most accurate, reliable and complete U.S. real estate databases in the industry. Our industry-leading data covers 99.9 percent of the U.S. population. This robust, current data offers unmatched depth, breadth and quality to help you manage risk, evaluate collateral value, understand the lien status of portfolio loans and access property/neighborhood information.

Property Data

 

  • Get property/homeowner data direct rather than from a third party
  • Verify ownership and documents are correct when collecting on a foreclosure
  • Gain insight into transaction history on a property
  • Verify the original mortgage was released on a loan
  • Get visibility into any new/old liens on a property – either voluntary or involuntary liens – and set up instant alerts on up to 10 lien-related indicators via Black Knight’s Lien AlertSM

Property Tax Data

 

  • Provides nationwide coverage
  • Includes historical information on current and delinquent tax obligations and liens
  • Uncovers all third-party purchased tax liens as well as municipal tax liens
  • Specifies severity of delinquency

VALUE AND ASSESS THE RISK OF ANY MORTGAGE OR MORTGAGE-BACKED SECURITY

Probablility of Prepayment or Default
AFTSM Prepayment and Credit Model: Competing risk model for mortgages, loans, securities and portfolios that forecasts monthly prepayment, default and loss probabilities based on loan and macroeconomic inputs. Mortgage Scores: Measures the risk, borrower equity and value of each loan for identifying, prioritizing and predicting risk of prepay, default and loss over time. VeraStrat Scores: Combines risk ranking, powered by Black Knight’s behavioral models, with payment history to facilitate timely collection and counseling strategies.
Listed Property Alerts
It’s Listed!SM Alerts: Provides alerts when a property in a portfolio is listed for sale on the MLS
HOA Identification and Monitoring
HOA Identification and HOA Direct Reports: Determines if an HOA exists, which is helpful prior to a pre- or post-foreclosure sale. HOA Lien Monitoring: Used to identify any HOA-related debts on an asset, so liens can be cleared to prevent super-lien-related losses.
Understanding Your Portfolio

THE LIEN ANALYTICS SUITE

Credit Enhanced Lien Identification (CELI): Combines public record data with consumer credit data to provide a holistic view of unmatched visibility into the property, borrower and loans, including ownership, foreclosure activity and lien status. Public Record Only Lien Identification (PROLI): Analyzes the various data points for a given property and mortgage. Checks the validity of the collateral position of the mortgage and then displays a current snapshot of the property with historical view. Lien AlertSMInstantly provides alerts on up to 10 key lien-related indicators that could negatively impact a servicer’s business, such as foreclosure/default activity, tax delinquency, bankruptcy and more.

Valuation Model for REO assets
ValueRisk: Provides a quick sale valuation, which allows the mortgage professional to more precisely manage portfolio risk.

MORTGAGE ANALYTICS

Rapid Analytics Platform (RAP)

Secure, Black Knight-hosted analytics platform, allowing users to import their proprietary data and link it to Black Knight’s McDashSM, public records and government data. Used for measuring and determining mark-to-market analyses, portfolio retention data, estimated losses, run-off/loan-loss analyses and for creating data cohorts.

LOSS MITIGATION

To help mortgage professionals get the time-sensitive property information they need during the loss mitigation process, Black Knight offers:

 

Ownership & Encumbrance Report

Identify open encumbrances (e.g., mortgages, assignments, subordination agreements and involuntary liens and judgments) and tax payment status.

Assignment Verification Report

Validate recording information for the subject deed of trust or mortgage, and validate and identify potential breaks in the assignment chain.