Fulton Bank Signs Agreement for Black Knight’s Suite of Servicing and Default Solutions, Including the MSP Servicing System
- Fulton Bank, a full-service commercial bank, signed a contract for the MSP loan servicing system, as well as Black Knight’s Servicing Digital solution, Actionable Intelligence Platform and products to support its default operations
- MSP provides the advanced functionality and scalability to support Fulton Bank’s growing mortgage and home equity servicing business
- Servicing Digital is a consumer-centric, responsive web and mobile solution that gives customers fast, around-the-clock access to home and loan information
- Black Knight’s data and analytics solutions, including the Actionable Intelligence Platform, will provide comprehensive and proactive analytics across Fulton Bank’s servicing portfolio
JACKSONVILLE, Fla. – Feb. 11, 2020 – Black Knight, Inc. (NYSE:BKI) announced today that Fulton Bank, N.A., a full-service commercial bank operating under Fulton Financial Corporation based out of Lancaster, Pa., has signed a contract to use the Black Knight MSP servicing system to support both first mortgages and home equity loans on one system. The bank will also use Servicing Digital, the Actionable Intelligence Platform (AIP), and several default products to support its expanding operations.
“Through Black Knight’s MSP system, Fulton will be able to service residential mortgages and home equity loans on a single platform, which will help us increase efficiency,” said David Campbell, senior executive vice president and director of Strategic Initiatives and Operations for Fulton Bank. “This is a significant benefit to our team and our customers.”
Black Knight’s MSP servicing system offers advanced, scalable, end-to-end functionality to help mortgage servicers of all sizes manage their servicing operations – including payment processing, escrow administration, customer service and default management. MSP helps servicers increase efficiency, reduce operating costs and improve risk mitigation for more than 34 million active loans serviced on the system.
Fulton Bank will also use the Black Knight Servicing Digital solution, a consumer-centric, responsive web and mobile solution that delivers fast, round-the-clock access to detailed, timely and highly personalized home and loan information to its customers. This powerful solution also provides “what-if” simulators and tools to show how wealth can be built from these real estate assets. Servicing Digital gives servicers a platform for continual engagement with their customers to build stronger relationships.
In addition, Fulton Bank will use Black Knight’s AIP for proactive analytics about its servicing operations. AIP delivers actionable analytics to the right people within an organization at the right time, so they know the right actions to initiate next. Fulton Bank will also use Black Knight’s suite of default solutions – including the new Loss Mitigation solution, as well as Foreclosure/Bankruptcy and Invoicing. These solutions will help Fulton Bank improve the efficiency of their default operations and improve the customer’s experience throughout the default process.
The bank will also use Lien Alert, a unique and comprehensive portfolio monitoring solution that provides notifications on key status changes on loan portfolios, including changes in value, when properties are listed, liens and judgments. In addition, Fulton Bank will also leverage Black Knight’s McDash Standard Reports, which pulls loan data from the broadest mortgage dataset in the market, including a majority of the active mortgage universe and historical data on 180 million first liens and more than 20 million home equity loans. McDash data can be used for benchmarking, risk-based pricing, market-share analysis and geographic delinquency summaries.
“MSP offers exceptional, market-leading capabilities that Fulton Bank can leverage to support its future growth,” said Joe Nackashi, president, Black Knight. “Black Knight has an ongoing commitment to innovation and expanding our comprehensive servicing and default solutions; a commitment that is matched only by our passion for providing exceptional service to all customers.”
About Fulton Bank
Fulton Financial Corporation, a $22 billion Lancaster, Pa.-based financial holding company, has approximately 3,600 employees and operates approximately 230 branches in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through Fulton Bank, N.A. Additional information can be found on https://www.fultonbank.com.
About Black Knight, Inc.
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 lifecycle.
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.