Black Knight Extends Strategic Relationship with Flagstar Bank for MSP Loan Servicing System and Default Capabilities
- Flagstar Bank, the fifth largest subservicer in the U.S., has renewed its contract for the MSP loan servicing system to support and accelerate the growth of its portfolios
- MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default; the platform is used by financial institutions to service approximately 37 million active loans
- Flagstar Bank has also renewed its contract to use Black Knight’s default suite of solutions to help streamline the handling of nonperforming loans and manage loss mitigation processes
- The bank is also a current user of Black Knight’s product, pricing and eligibility engine, as well as its marketing automation tool
JACKSONVILLE, Fla. – Aug. 24, 2022 – Today, Black Knight, Inc. (NYSE:BKI) announced that Flagstar Bank, the fifth largest subservicer in the U.S., has signed a contract extension to continue using the Black Knight MSP loan servicing system. MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default. The industry-leading platform is used by financial institutions to service approximately 37 million active loans – more than any other in the industry.
“Throughout our decade-long relationship with Black Knight, the MSP loan servicing system has proven to be the right platform for the evolving demands of our servicing and subservicing operations,” said Lee Smith, executive vice president and president of Mortgage, Flagstar Bank. “The scalability and reliability of MSP continue to support our growing portfolios, and we appreciate Black Knight’s commitment to investing in and continuously enhancing the platform.”
Flagstar Bank has also renewed its contract to use Black Knight’s full suite of default solutions to help streamline processes for nonperforming loans and manage loss mitigation processes. The bank is also a current user of Black Knight’s product, pricing and eligibility engine, as well as its marketing automation tool.”
Black Knight considers it a privilege to continue serving Flagstar Bank, a long-time and respected client, during its period of rapid growth,” said Joe Nackashi, CEO, Black Knight. “Our ongoing relationship is a testament to the strength and depth of the MSP loan servicing system, as well as our continued commitment to advance our solutions to support our valued clients and their customers.”
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 Flagstar Bancorp
Flagstar Bancorp, Inc. (NYSE: FBC) is a $24.9 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 79 retail locations in 28 states. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record-keeping for $343 billion of loans representing almost 1.4 million borrowers. For more information, please visit flagstar.com.