Franklin Credit Management Signs Contract for Black Knight’s Servicing Solutions, Including MSP System
- Franklin Credit Management Corporation signed a contract for Black Knight’s suite of servicing solutions including the industry-leading MSP servicing system
- Franklin Credit will also implement Black Knight’s Servicing Digital and Actionable Intelligence Platform technologies
- To support its default operations, Franklin Credit will expand its use of Black Knight’s default solutions, adding loss mitigation and bankruptcy capabilities.
JACKSONVILLE, Fla. – Sept. 9, 2020 – Black Knight, Inc. (NYSE:BKI) announced that Franklin Credit Management Corporation, also known as Franklin Credit, a specialty mortgage servicer for nonperforming residential mortgage loans, has signed a contract with Black Knight to implement its full suite of servicing solutions to support its growing business.
“We chose Black Knight because we needed an innovative technology platform that will help us lower our operating costs as we continue to grow our business as a subservicer or if we purchase loans and keep them in-house,” said Glenn Murphy, Chief Operating Officer at Franklin Credit. “Black Knight’s commitment to continually invest in its solutions, deliver innovative capabilities to streamline processes and reduce our costs are primary reasons why we expanded our relationship with Black Knight.”
Black Knight’s 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. More than 34 million active loans are currently serviced on the MSP system.
Franklin Credit will also use a suite of Black Knight solutions that are integrated with MSP. Servicing Digital, a customer-centric mobile solution, delivers detailed, timely and highly personalized loan information about the value of customers’ homes and how much wealth can be built from these real estate assets. Servicing Digital enables homeowners 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. Franklin Credit will use the responsive web solution version of Servicing Digital, but it is also available as a native app.
Franklin Credit will also use Black Knight’s Actionable Intelligence Platform (AIP) to help enhance its mortgage servicing operations. AIP is 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. Franklin Credit will use AIP to help measure performance, risk and operational costs.
Franklin Credit, which currently uses Black Knight’s Bankruptcy and Foreclosure application, will expand its use of Black Knight’s suite of default solutions by adding new loss mitigation and bankruptcy capabilities to its operations. Black Knight’s Loss Mitigation solution uses advanced question-and-answer-based workflow and automated decisioning capabilities to support the servicer’s loss-mitigation programs, making it easier for servicers to streamline the decisioning process and reduce risk through built-in quality controls. The company will also use the expanded bankruptcy capabilities Black Knight has introduced to support payment change notifications and proof of claims processes. All of these default technologies are seamlessly integrated with the MSP system.
“We are excited the MSP system will be able to support Franklin Credit as its business expands,” said Black Knight President Joe Nackashi. “Utilizing multiple Black Knight solutions that integrate with MSP will also give Franklin Credit even greater power to increase efficiency, reduce operating costs and improve risk mitigation.”
About Franklin Credit Management Corporation
Franklin Credit Management Corporation (“Franklin Credit”) is a specialty consumer finance company engaged in the servicing and resolution of nonperforming residential mortgage loans. Located in Jersey City, NJ our default servicing platform is built to comprehensively manage loans through all stages of delinquency: Collections, Loss mitigation, Foreclosure, Judgment, Bankruptcy and REO. Since inception, we have serviced over 100,000 loans in excess of $5 billion in principal balance. The firm’s mission is to deliver maximum value to its clients while fostering a professional relationship with borrowers based on courtesy and integrity.
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.