7 Servicing Chooses the MSP Servicing System to Support Growth and Member Experience
Transitions to Servicing ORNL Federal Credit Union and 7 Mortgage Portfolios
- 7 Servicing has signed a contract for MSP, Black Knight’s loan servicing system, and other integrated solutions to help deliver a superior member experience and support portfolio growth as it transitions its subserviced mortgages to 7 Servicing
- MSP, Black Knight’s mortgage servicing software, is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default
- 7 Servicing, a credit union service organization, will also use Black Knight’s default suite of solutions to help manage loss mitigation processes and streamline the handling of nonperforming loans; the Servicing Digital solution will also help 7 Servicing enhance interactions with members
- 7 Servicing will also implement several of Black Knight’s analytics solutions, including the Actionable Intelligence Platform for strategic, proactive and actionable analytics; McDash industry reports for mortgage performance data; Lien Alert to monitor portfolio loans for lien changes; and Quarterly Portfolio Analysis for quarterly updates on ownership changes and estimated LTV for risk analysis and portfolio valuation
JACKSONVILLE, Fla. – May 9, 2023 – Today, Black Knight, Inc. (NYSE:BKI) announced that 7 Servicing, a credit union service organization based in Knoxville, Tennessee, has signed a contract to use the MSP loan servicing system. MSP is Black Knight’s comprehensive, end-to-end loan system that supports all aspects of servicing, from loan boarding to default. With the addition of MSP and Black Knight’s integrated servicing solutions, 7 Servicing will transfer the servicing of the growing ORNL Federal Credit Union and 7 Mortgage servicing portfolios from a subservicer to the 7 Servicing team, while providing a superior experience to its members. 7 Servicing and 7 Mortgage are owned by parent company, 7, LLC.
“Everything we do at 7, LLC ties to our core operating principles, which focus on providing the best possible experience to our members,” said Chris Boler, president and CEO, 7, LLC. “Our decision to begin servicing our portfolio on MSP is an investment in our current and future members. We recognize how important it is to offer them convenient, self-service tools so they can spend less time managing their loan, and more time enjoying their home.”
7 Servicing will also add Black Knight’s suite of default solutions to help reduce cycle times, decrease operating costs and improve efficiencies when servicing nonperforming loans. This includes Loss Mitigation, a feature-rich, web-based solution that supports industry-standard retention, collections and liquidation workouts to help improve operations and mitigate risk. Loss Mitigation leverages advanced rules and logic to guide users through processes step-by-step, including validation points throughout the workflow, to help reduce missed steps and overlooked information.
In addition, 7 Servicing is incorporating Servicing Digital, an interactive, self-service web and mobile solution that provides easy access to customized, timely information about a member’s mortgage and home. This powerful application supports deeper relationships and engagement by giving members tools to make mortgage payments and explore opportunities for refinancing and more – all from the convenience of the web or a mobile device.
7 Servicing is also taking advantage of several servicing-focused data and analytics solutions from Black Knight, including the Actionable Intelligence Platform, which delivers strategic, proactive and actionable analytics to the right people across an organization at the right time, so they know which action to take next. Additionally, the organization will use McDash industry reports to provide delinquency and prepayment overviews, roll rates and state-level mortgage performance data to support benchmarking and analysis, portfolio management and strategy development; Lien Alert to monitor portfolio loans in near-real time and receive alerts on critical indicators that could impact their business, such as ownership changes, new loans recorded, ARM resets and more; and Quarterly Portfolio Analysis, which provides quarterly updates on lien position changes, additional liens, ownership changes and estimated LTV for risk analysis and portfolio valuation.
“We are honored that 7 Servicing has selected MSP for the benefits the system can bring to its business and credit union members,” said Joe Nackashi, CEO, Black Knight. “As 7 Servicing transitions their servicing portfolio in-house from subservicing, they can count on Black Knight to provide superior support while continuously innovating and investing in solutions that help them enhance member relationships.”
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.
About 7 Servicing
7 Servicing is a newly created credit union service organization (CUSO) by 7, LLC, the wholly owned holding company of ORNL Federal Credit Union. 7 Servicing will initially service the mortgage portfolios of ORNL Federal Credit Union and 7 Mortgage before opening up mortgage subservicing to other credit unions later in 2024. 7 Servicing will offer the superior level of service that members have come to expect from their credit union.