Black Knight Announces that Ocwen Loan Servicing Signs Seven-Year Contract for Black Knight LoanSphere MSP Servicing System f...
November 01 2017 - 04:00PM
Black Knight, Inc. (NYSE:BKI) announced today that Ocwen Loan
Servicing, the servicing subsidiary of Ocwen Financial Corporation,
a leading financial services holding company, has signed a
long-term contract to use Black Knight’s premier LoanSphere MSP
servicing system. Loan servicing for Ocwen will be hosted by Black
Knight in its data center, which will offer 24/7 on-site
operational monitoring and support; robust information security;
and backup data recovery for business continuity, among other
advantages.
As part of this agreement, Ocwen will also use additional Black
Knight solutions:
- LoanSphere Bankruptcy – Assists servicers with managing the
bankruptcy process by using workflow and servicer-defined rules to
automate bankruptcy-related tasks;
- LoanSphere Foreclosure – Helps servicers manage the foreclosure
process, using workflow and automated, servicer-defined rules;
- LoanSphere Invoicing – A web-based invoice management solution
that consolidates invoice process tasks – from bill presentment and
processing to post-payment activities;
- Portfolio Overview Insight – Key performance metrics that help
servicers proactively monitor and manage their servicing
operations. By standardizing data views across a servicing
organization, each internal business unit views the same
information instead of relying on disparate reports with
inconsistent definitions of the underlying data; and
- Lien Alert – Real-time alerts on loans in the servicer’s
portfolio when a lien-related indicator occurs that could
negatively impact the servicer’s business, such as tax
delinquencies, bankruptcies and foreclosure/default
activities.
The MSP loan servicing system is an end-to-end solution that
encompasses all aspects of servicing, and offers comprehensive
functionality to support servicers’ regulatory requirements. MSP is
used to service more than 33 million active loans and helps
servicers increase operational efficiency, reduce operating costs
and improve risk mitigation.
Black Knight’s default solutions, such as LoanSphere Bankruptcy
and Foreclosure, use advanced workflow and servicer-defined rules
to help servicers more efficiently manage default-related servicing
processes through task automation, as well as gain access to Black
Knight’s large, nationwide network of attorneys who support the
default loan process. Ocwen will also implement LoanSphere
Invoicing to help consolidate its default invoice process. In
addition, the solution creates an audit trail that will help Ocwen
support its compliance with changing government and investor
requirements.
Portfolio Overview Insight leverages both Black Knight’s
LoanSphere Data Hub and LoanSphere Motivity solution. The Data Hub
provides technology that collects, links and stores loan data from
client applications, Black Knight technologies and industry data in
a central location. Motivity is an enterprise business intelligence
tool that offers on-demand, dynamic reporting that servicers can
use to quickly view detailed information about its servicing
portfolio without printing a report or opening a file.
“We are proud to provide Ocwen with a comprehensive solution
that can meet all of its servicing needs – from loan boarding and
payment processing to escrow administration and default
management,” said Joe Nackashi, president of Black Knight. “Ocwen
selected the servicing system with a track record of delivering
proven capabilities, reliability and scalability, which will help
expand Ocwen’s business and better position it for future
growth.”
“We look forward to working with Black Knight as our servicing
platform provider and believe that Black Knight’s technology
offerings provide the capabilities and flexibility that will allow
us to focus on our core mission of helping homeowners,” said Scott
Anderson, executive vice president and chief servicing officer for
Ocwen Financial Corporation. “Using Black Knight’s integrated
technology system aligns with our corporate objectives of reducing
costs, streamlining the technology product suite, and creating
efficiencies within the organization,” said Parveen Aery, senior
vice president and chief information officer for Ocwen Financial
Corporation.
About Black KnightBlack Knight
is a leading provider of integrated software, data and analytics
solutions that facilitate and automate many of the business
processes across the homeownership lifecycle.
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.
For more information:
Michelle Kersch904.854.5043michelle.kersch@bkfs.com
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