– PNC is consolidating its technology onto one servicing platform for mortgages and home equity loans to improve efficiency and risk management.
– PNC is renewing its servicing technology contract for seven years.
– Black Knight’s LoanSphere MSP servicing system is currently used to service more than 30 million active loans and offers a comprehensive, customer-centric, single platform to support mortgage and home equity lines and loans.
JACKSONVILLE, Fla. – Jan. 13, 2016 — Black Knight Financial Services (NYSE:BKFS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, announced today that PNC Bank N.A., a member of The PNC Financial Services Group, Inc. and one of the largest diversified financial services institutions in the U.S., will add its home equity loans and lines of credit portfolio to Black Knight’s LoanSphere MSP system over the next year.
Additionally, PNC signed a seven-year contract extension for MSP, the industry’s leading servicing system, to help manage the servicing of its mortgage loans, which involves loan boarding, payment processing, escrow administration, default management and more. PNC also uses Black Knight solutions to support bankruptcy and foreclosure processes; invoicing; integration and collaboration with service providers; and to access insightful data and analytics.
“We are excited to expand our 20-year relationship with PNC and provide a single platform to help centralize its servicing operation,” said Joe Nackashi, president of Black Knight’s Servicing Technologies Division. “This consolidation will offer significant advantages to PNC in support of its strategic growth efforts.”
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.
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.