- New American Funding has signed a seven-year renewal for the comprehensive, end-to-end Black Knight MSP servicing system
- MSP encompasses all aspects of servicing, from loan boarding to default, for first mortgages and home equity loans
- MSP’s unmatched scalability will continue to support New American Funding’s continued growth
- New American Funding will also implement Black Knight’s advanced Actionable Intelligence Platform and Bankruptcy and Foreclosure solution
- New American Funding uses Black Knight’s award-winning, consumer-facing Servicing Digital mobile solution and its Default suite to support loss mitigation and invoicing
JACKSONVILLE, Fla. – Nov. 26, 2019 – Today, Black Knight, Inc. (NYSE:BKI) announced that New American Funding, an independent mortgage lender headquartered in Orange County, Calif., has signed a seven-year renewal agreement for MSP, Black Knight’s comprehensive servicing system. This end-to-end solution encompasses all aspects of servicing, including extensive functionality to support regulatory requirements. MSP is used to service more than 34 million active loans and helps servicers increase operational efficiency, reduce operating costs and improve risk mitigation.
“Black Knight’s scalable and robust servicing platform has greatly supported the growth of our business,” said Roger Stotts, Executive Vice President and Chief Servicing Officer for New American Funding. “Over the past five years, MSP has proven to be the flexible, comprehensive solution we need, one that delivers both innovation and stability, while helping us continue to provide an excellent customer experience. We look forward to working with Black Knight for seven more years.”
New American Funding is also adding Black Knight’s Actionable Intelligence Platform (AIP), which is integrated with MSP, to deliver strategic, proactive and actionable analytics to the right people within the organization at the right time. New American Funding will use the AIP’s Zero Tolerance and Lien Alert Servicing suites to proactively monitor and manage operations through the use of key performance metrics. AIP Zero Tolerance provides servicers with actionable intelligence to help decrease potential compliance issues and minimize risk, while AIP Lien Alert delivers instant notifications about key lien-related indicators – such as bankruptcies, tax delinquencies or foreclosure/default activity – on loans in a servicer’s portfolio, so the appropriate actions can be taken.
New American Funding recently implemented Servicing Digital, a powerful and interactive consumer-facing mobile solution from Black Knight that delivers detailed, timely and highly personalized loan information to borrowers about the value of their homes and how much wealth can be built from their real estate assets. Tightly integrated with MSP, Servicing Digital gives New American Funding customers easy, round-the-clock access to home and loan information; the ability to make mortgage payments online; and a view into opportunities for refinancing, tapping available home equity or purchasing another home.
New American Funding also uses Black Knight’s Loss Mitigation solution for timely loss mitigation assistance; utilizes Invoicing, a web-based solution that streamlines billing and invoicing; and is currently implementing Bankruptcy and Foreclosure to help streamline its default processes. This entire suite of default products is thoroughly and seamlessly integrated with the MSP system.
“We are extremely proud to be building upon our long-term relationship with New American Funding,” said Joe Nackashi, president of Black Knight. “Using our suite of servicing products shows a forward-looking commitment to both New American Funding’s own growth and to providing a positive experience for its mortgage customers. Black Knight continues to bring transformative innovations to the industry, helping New American Funding – and all of our clients – improve results and better meet the needs of borrowers.”
About New American Funding
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 120,000 loans for $30 billion, approximately 190 branches, and over 3,000 employees. The company offers niche products such as Your Path, and has made Inc. 5000’s list of Fastest-Growing Companies in America five times. It has a state-of-the-art career training facility and develops innovative technology, including apps GoGo LO and GoGo Partner.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.
As a leading fintech, 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.
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SOURCE: BLACK KNIGHT, INC.