Black Knight Financial Services, Inc. (BKFS) announced today that myCUmortgage, a credit union servicing organization (CUSO) wholly owned by Wright-Patt Credit Union, has signed a seven-year contract to implement LoanSphere MSP, Black Knight's industry-leading mortgage and home equity loan servicing platform.
MSP is a complete, end-to-end system used by financial institutions to manage all servicing processes, including escrow administration, investor reporting and more. The platform offers servicers the ability to meet the mortgage and home equity loan servicing needs of any size portfolio.
myCUmortgage is moving its mortgage loans from a current sub-servicing provider to in-house servicing on Black Knight's MSP system. After a thorough RFP process, myCUmortgage selected MSP because of its scalability, its flexibility to meet changing regulatory requirements and the system's proven track record of servicing excellence. The MSP platform will support myCUmortgage's projected growth of its loan servicing portfolio, as well as help further enhance the member experience.
"MSP's scalability will allow us to service a growing portfolio of loans while delivering excellent service to our members," said Tim Mislansky, president of myCUmortgage. "We are looking forward to the process consistency and comprehensive functionality offered by MSP, as well as to working with a proven technology provider that can help support our regulatory compliance."
The organization will also use additional Black Knight solutions that are integrated with MSP, including:
- LoanSphere Loan Boarding to automate the loan setup process
- iDisburse, a fully automated solution for processing, reviewing, printing and auditing mortgage-related and other disbursements
- Director, MSP's graphical interface for users
- Customer CareNet, an online solution that gives borrowers instant access to their mortgage information
- Passport, a browser-based ad hoc query solution that accesses loan portfolio data housed on MSP
- Web Direct, online access to loan information for approved third parties
MSP is part of LoanSphere, Black Knight's sophisticated platform of integrated technology, data and analytics that supports the mortgage and home equity loan lifecycle -- from origination to servicing to default. LoanSphere significantly enhances the traditional lending industry business model by fully integrating origination and servicing functions through business process automation, workflow, configurable rules and integrated data.
"MSP delivers the automated workflow, functionality and integrations to support myCUmortgage's servicing operations and business goals," said Joe Nackashi, president of Black Knight's Servicing Technologies division. "With our single, scalable servicing platform, Black Knight helps our clients achieve their immediate and long-term goals for growth, increased efficiency, effective risk management and enhanced customer service."