Mission Federal Credit Union Chooses MSP, Black Knight’s Proven, Comprehensive Loan Servicing System, to Improve the Member Experience and Gain Operational Efficiencies
Default Solutions Will Help the Credit Union Serve Members Facing Financial Hardship
- Mission Federal Credit Union has signed a contract for MSP, Black Knight’s loan servicing system, and other integrated solutions to help deliver a superior member experience and gain efficiencies in its servicing operations
- The credit union will also implement Black Knight’s Loss Mitigation and Collections offerings, which will help them proactively contact members with qualified assistance options to help resolve delinquency and prevent late-stage default and foreclosure
- Mission Federal Credit Union will also use a suite of technology and analytics solutions to further enhance its member interactions and support retention
JACKSONVILLE, Fla. – Sept. 13, 2023 – Today, Black Knight , now a part of Intercontinental Exchange (NYSE:ICE), announced that Mission Federal Credit Union, a credit union based in San Diego, California, has signed a contract to use the MSP loan servicing system. MSP is Black Knight’s comprehensive, end-to-end loan servicing system that supports all aspects of servicing, from loan boarding to default. Mission Federal Credit Unionwill also use the Black Knight Collections solution, as well as Loss Mitigation, to connect homeowners with qualified assistance options when they face financial hardship.
“At Mission Federal Credit Union, everything we do is centered on our members, and advancing our technology is an important part of this journey,” said Vince Nowicki, chief lending officer for Mission Federal Credit Union. “Black Knight has been a trusted leader in the mortgage space for decades, and the MSP system and integrated servicing solutions they offer are exactly what we need to enhance the experience we deliver to our members.”
Collections, Black Knight’s latest innovative solution, delivers insight-based functionality to assist servicers in their efforts to keep members in their homes during periods of financial hardship. As a solution within Black Knight’s default suite, Collections works by streamlining the process of engaging customers with meaningful information. This early engagement can help resolve delinquency and prevent foreclosure and late-stage default by making qualified assistance options more accessible and timelier to both homeowners and servicers. Mission Federal will also use Loss Mitigation, another solution in the default suite. This feature-rich, web-based solution supports industry-standard retention, collections and liquidation workouts to further serve members experiencing hardship.
Used in combination with MSP and Loss Mitigation, Servicing Digital is an interactive, self-service responsive web and mobile app solution that provides easy access to customized, timely information about a member’s mortgage and home. This powerful solution set will support deeper relationships and engagement by giving members the tools they need to request assistance from Mission Federal Credit Union at their convenience. Additionally, Mission Federal employees can access key information to help their members address delinquent payments quickly and efficiently to ultimately avoid transitioning them into default.
The credit union will also use the Customer Service solution, which gives support representatives access to detailed, holistic and timely information at the point of member contact. The solution presents loan, home and neighborhood information through an intuitive, easy-to-use graphical interface – helping representatives deliver exemplary service by responding to questions quickly, accurately and efficiently. Since Mission Federal is implementing both Customer Service and Servicing Digital, the company’s support representatives will have a view of what their members are seeing on their device when they call, facilitating an even more productive and enriching conversation.
Mission Federal Credit Union 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.
“At Black Knight, we continuously invest in our software to support our clients’ goals for efficiency, risk mitigation and retention,” said Joe Nackashi, vice chair, ICE Mortgage Technology. “We’re honored that Mission Federal Credit Union has selected MSP and our integrated servicing solutions to enhance their member experience and optimize its operations.”
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).” Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.