The Money Source Signs Long-Term Renewal for Black Knight’s Suite of Servicing and Default Solutions
- The Money Source (TMS) signed a multi-year renewal to continue using Black Knight’s advanced suite of servicing and default solutions
- TMS also added Black Knight’s Loss Mitigation tool to support workflow and decisioning for its loss mitigation efforts, and the Servicing Digital solution to provide borrowers with insightful information about their loans and homes to help them build wealth through their real estate assets
- The integrated suite of solutions will further support TMS mortgage servicing and subservicing business
JACKSONVILLE, Fla. – Feb. 22, 2021 – Black Knight, Inc. (NYSE:BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced the expansion of its relationship with The Money Source Inc. (TMS), a leading fintech provider focused on mortgage servicing, subservicing and correspondent lending. TMS signed a multi-year renewal for Black Knight’s suite of servicing and default solutions, including the MSP servicing system. TMS also recently implemented Black Knight’s Loss Mitigation, a comprehensive, end-to-end loss mitigation workflow and decisioning tool, and will soon be using Servicing Digital, an innovative solution that offers borrowers ongoing, detailed information about their loans and homes, and the tools to manage housing wealth.
“We take great pride in offering our customers best-in-class technology, so it was important for us to extend our commitment to using MSP, the industry’s leading servicing system, and its suite of integrated capabilities to support our default loan processes,” said Stavros Papastavrou, CEO, TMS. “TMS is also committed to driving servicing innovation in our operations, and there is simply no better partner in this regard than Black Knight and its proven record of bringing transformational technology to the mortgage industry.”
The MSP loan servicing system, used to service approximately 36 million active loans, is an end-to-end solution that supports both first mortgages and home equity loans and lines of credit on the same system. The scalable system can accommodate virtually any size portfolio and encompasses all aspects of servicing – from payment processing to escrow administration, customer service, default management and more – and offers comprehensive functionality to support servicers’ regulatory requirements.
Servicing Digital – seamlessly integrated with MSP – is an interactive, user-friendly web and mobile solution that provides personalized, timely information to customers about their mortgage loans and homes. Customers can use the solution to review their home and loan information; make mortgage payments online; and explore opportunities for purchasing a home, refinancing, or taking out a home equity loan. Available as a responsive web design or as a native mobile app, Servicing Digital will help TMS deepen customer relationships, enhance service and increase satisfaction.
Loss Mitigation is also integrated with MSP and provides TMS with comprehensive, end-to-end loss mitigation support. The solution assists servicers with accurate, timely information about the borrower assistance process, while creating an audit trail to track compliance with regulatory requirements. Loss Mitigation also provides all stakeholders the same insight into the borrower’s status.
TMS currently uses Black Knight’s suite of default capabilities, including Bankruptcy, Foreclosure, Invoicing and Claims solutions to help decrease cycle times, reduce costs, mitigate risk and improve operating efficiencies with the management of non-performing loans.
“Black Knight is deeply committed to delivering premier technology solutions with exceptional, knowledgeable service to our clients,” said Black Knight President Joe Nackashi. “We are pleased to be expanding our relationship with an innovative mortgage industry leader and look forward to supporting TMS with innovative capabilities that elevate its subservicing business to the next level.”
The Money Source Inc.(TMS) is a different kind of company that does business in a different kind of way. Founded in 1997, with a mission to Grow Happiness, TMS is a fast growing fintech company that provides products, technology, speed of service and a unique customer experience to borrowers, clients and team members in their pursuit of happiness. With more than 600 team members, TMS is a national lender and servicer licensed or exempt from licensing in all 50 states and the District of Columbia. For more information, visit TheMoneySource.com.
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 serving their customers. For more information on Black Knight, please visit www.blackknightinc.com.