FirstBank Puerto Rico Signs Multi-Year Extension for MSP Servicing System
- MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default.
- The MSP servicing system will continue to provide FirstBank Puerto Rico with a proven technology that will help the bank increase operational efficiencies and support its efforts to remain compliant with regulatory requirements.
- FirstBank Puerto Rico will also use Black Knight’s Servicing Digital solution, which is integrated with MSP
- To support its servicing operations, FirstBank Puerto Rico also uses Black Knight’s Default suite, Actionable Intelligence Platform and McDash Reporting suite for insights into monthly prepayment and delinquency trends
JACKSONVILLE, Fla. – Nov. 9, 2020 – Black Knight, Inc. (NYSE:BKI) announced today that FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, has signed a multi-year contract extension for MSP, Black Knight’s industry-leading servicing system. As part of the extension, FirstBank Puerto Rico will also use Black Knight’s Servicing Digital solution.
“We are pleased to continue using Black Knight’s MSP platform to support our expanding servicing operations and our compliance efforts,” said Cassan Pancham, EVP of Mortgage, FirstBank Puerto Rico. “With the addition of Servicing Digital, we are excited to offer our customers an advanced, easy-to-use solution that will provide them valuable information about their property and loan, as well as give them the ability to make mortgage payments via any mobile device.”
The Black Knight MSP system is a complete, scalable, end-to-end system used by mortgage servicers of all sizes to manage their servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. MSP, which is used to service approximately 36 million active loans, helps servicers increase efficiency, reduce operating costs and improve risk mitigation. FirstBank Puerto Rico uses MSP for first mortgages, but the platform can also support home equity loans and lines of credit.
As part of the renewal, FirstBank Puerto Rico will also use Black Knight’s Servicing Digital solution, which enables consumers to easily perform tasks and view information related to their mortgages through a simple, user-friendly interface, while providing a platform for continual engagement between servicers and their customers. The innovative, customer-centric mobile solution delivers useful information specific to an individual’s mortgage, property and local housing market by accessing the servicer’s data through Black Knight’s MSP system, as well as the company’s industry-leading property records database, advanced analytics and automated valuation models.
FirstBank Puerto Rico currently uses Black Knight’s suite of default solutions to support its operations. The Default suite includes Loss Mitigation, providing servicers with full functionality to support industry-standard retention and liquidation workouts; Bankruptcy and Foreclosure solutions to further streamline default processes; and Invoicing, a web-based solution that simplifies billing and invoicing. All of these default technologies are seamlessly integrated with the MSP servicing system.
Additionally, FirstBank Puerto Rico uses several of Black Knight’s data and analytics solutions, including its Actionable Intelligence Platform (AIP), a unified data delivery framework that combines Black Knight’s extensive data assets, patented big data ecosystem and enterprise business intelligence capabilities into a single solution. In addition, FirstBank Puerto Rico contributes to Black Knight’s McDash mortgage performance dataset, which includes more than 180 million mortgage and home equity loans and over 20 years of historical data spanning the entire credit spectrum of agency, non-agency and portfolio products.
“We are proud to have earned FirstBank Puerto Rico’s confidence and look forward to supporting the bank’s expanding servicing portfolio, while providing additional integrated capabilities to help proactively manage risk and improve decision-making,” said Black Knight President Joe Nackashi. “With the addition of our innovative Servicing Digital offering, FirstBank Puerto Rico can extend to its customers a modern, advanced digital solution that will support deeper customer relationships and support increased retention.”
About First BanCorp.
First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Limited Liability Company and First Express, Inc., both small loan companies. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”
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