HomePress RoomPress ReleasesNew American Funding Successfully Implements Black Knight’s Comprehensive LoanSphere® Loss Mitigation Technology

New American Funding Successfully Implements Black Knight’s Comprehensive LoanSphere® Loss Mitigation Technology

Industry-leading solution delivers end-to-end workflow to support the full loss mitigation process

New American Funding Successfully Implements Black Knight’s Comprehensive LoanSphere® Loss Mitigation Technology
  • LoanSphere Loss Mitigation is an innovative, feature-rich technology solution that delivers configurable, rules-driven workflow, as well as real-time event management to support consistent borrower-assistance processes and provide transparency across business lines.
  • New American Funding will use LoanSphere Loss Mitigation to help meet changing government and investor requirements.
  • LoanSphere Loss Mitigation is integrated with Black Knight’s LoanSphere MSP, a complete servicing system used by financial institutions to manage all servicing processes.

JACKSONVILLE, Fla. – Nov. 15, 2017 – Black Knight, Inc. (NYSE: BKI) announced today that New American Funding, a national mortgage banker, successfully implemented Black Knight’s LoanSphere Loss Mitigation solution – an industry-leading loss mitigation technology to provide timely loss mitigation assistance and information needed to help with the decision-making process.

LoanSphere Loss Mitigation is a web-based solution, offering comprehensive workflow and decisioning capabilities, which helps mortgage servicers through the complete loss mitigation process, while creating an audit trail to help support their compliance with changing government and investor requirements. This powerful technology features a decision engine that leverages sophisticated workflow to route tasks to the appropriate personnel in support of the loss mitigation process, including prequalification, underwriting and approval processing. The solution accommodates numerous workout options, including repayment plans, forbearance plans, loan modifications, short sales, deeds-in-lieu and partial claims. Additionally, dates, user names and actions taken on a loan are tracked for audit purposes.

LoanSphere Loss Mitigation also centralizes loan, property and decision data to help enhance customer service activities. Servicers’ single-point-of-contact representatives and loss mitigation specialists can view current information from a single system, helping borrowers make more informed decisions about their loans.

“Black Knight’s solution provides New American Funding with a single operating environment for all loss mitigation activities to help us more quickly update our systems to keep pace with evolving regulatory changes,” said James Clymer, executive vice president, Mortgage Servicing, at New American Funding. “Black Knight provided knowledgeable, helpful resources to assist us with implementing the necessary workflow to support our entire loss mitigation process. Our business is cyclical and servicers need to ask if they are prepared for the next wave of delinquencies and defaults. We are confident that LoanSphere Loss Mitigation puts us in a position to respond to the needs of our borrowers and to offer solutions in a timely and efficient manner.”

The solution is integrated with Black Knight’s LoanSphere MSP, a single, end-to-end servicing system used by financial institutions to manage all servicing processes. MSP is used to service more than 33 million active loans and helps servicers increase operational efficiency, reduce operating costs, and improve risk mitigation.

“We are pleased the close collaboration between Black Knight and New American Funding resulted in the successful implementation of our LoanSphere Loss Mitigation solution,” said Joe Nackashi, president of Black Knight. “Black Knight is committed to moving our customers and the mortgage industry forward with innovative solutions such as Loss Mitigation, digital capabilities and other technology advancements that will help our clients improve their results and better meet the changing needs of a new generation of borrowers.”

About New American Funding

New American Funding is a national mortgage banker licensed in 48 states with 130+ branch locations offering a variety of home loan options including: Conventional, FHA, Cash Out, Fixed Rate and Adjustable Rate Mortgages, VA, HARP 2.0, Jumbo, and Reverse Mortgages. The company is a Fannie Mae, Freddie Mac and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement, and VA Automatic mortgage lender.

About LoanSphere®

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 (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 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.

Media Contacts

Michelle Kersch 904.854.5043