- The nation’s second largest federal credit union will use the Black Knight MSP servicing system and default applications to help increase operational efficiency and support the expansion of its servicing business.
- PenFed Credit Union will also use the Black Knight Servicing Digital app to offer its members ongoing, detailed information about their loans and homes, and the tools to help manage their housing wealth.
- The credit union will implement Black Knight’s Actionable Intelligence Platform to benefit from actionable analytics that help drive revenue and efficiencies.
- The MSP system is used to service over 34 million active loans and supports both first mortgages and home equity products on one unified system.
JACKSONVILLE, Fla. – Feb. 19, 2019 – Black Knight, Inc. (NYSE:BKI) announced today that Pentagon Federal Credit Union, the nation’s second largest federal credit union, widely known as PenFed Credit Union, has signed an agreement to implement several of Black Knight’s innovative servicing and default solutions, including the premier MSP loan servicing system. PenFed will also use Black Knight’s new Servicing Digital solution, an interactive mobile application that will deliver detailed, timely and highly personalized loan information to PenFed’s members about the value of their homes and how much wealth can be built from these real estate assets.
“Black Knight’s suite of servicing and default products will provide us with the technology we need to increase PenFed’s operational efficiency, the scalability to easily accommodate growth, and the ability to support our commitment to meet compliance requirements,” said Winston Wilkinson, Executive Vice President/President of Mortgage Banking for PenFed Credit Union. “We are also excited to offer the Servicing Digital solution to our members for anytime, anywhere access to information and functionality that will enhance their experience.”
The MSP system is a comprehensive, end-to-end solution that encompasses all aspects of servicing – from loan boarding to default – for first mortgages and home equity loans and lines of credit. Used to service more than 34 million active loans, the MSP system helps servicers increase operational efficiency, reduce operating costs and improve risk mitigation. As part of the implementation, PenFed Credit Union will use several Black Knight default solutions, including Loss Mitigation, Bankruptcy, Foreclosure and Invoicing.
Additionally, PenFed will be using the Black Knight Expedite eSign and eDocument delivery services, which enable members to electronically view and sign data and documents; as well as Black Knight’s Order Exchange offering, which enables servicers to streamline their product-ordering process.
To further support its servicing operations, PenFed will also use the Black Knight Actionable Intelligence Platform (AIP) to provide proactive intelligence that will benefit its servicing operation. The AIP delivers actionable analytics to the right people across an organization at the right time, so they know which action to take next.
“Black Knight is proud to support PenFed’s growing business using our comprehensive and innovative technology, data and analytics solutions for the company’s servicing operations and to enhance member experience,” said Black Knight Chief Executive Officer Anthony Jabbour. “We continue to invest in our extensive solutions to offer the advanced features and functionality our clients need to deliver a premier consumer experience and support operational efficiency gains that can help them reduce overall costs.”
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America’s second-largest federal credit union, serving 1.8 million members worldwide with $25 billion in assets. Our mission is to help members reach their financial potential. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members’ interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
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.