New American Funding Successfully Implements Black Knight’s Comprehensive LoanSphere Loss Mitigation Technology
November 15 2017 - 9:00AM
Black Knight, Inc. (NYSE:BKI) announced today that New American
Funding, a national mortgage banker, successfully implemented Black
Knight’s LoanSphere Loss Mitigation solution -- an industry-leading
loss mitigation technology to provide timely loss mitigation
assistance and information needed to help with the decision-making
process.
LoanSphere Loss Mitigation is a web-based solution, offering
comprehensive workflow and decisioning capabilities, which helps
mortgage servicers through the complete loss mitigation process,
while creating an audit trail to help support their compliance with
changing government and investor requirements. This powerful
technology features a decision engine that leverages sophisticated
workflow to route tasks to the appropriate personnel in support of
the loss mitigation process, including prequalification,
underwriting and approval processing. The solution accommodates
numerous workout options, including repayment plans, forbearance
plans, loan modifications, short sales, deeds-in-lieu and partial
claims. Additionally, dates, user names and actions taken on a loan
are tracked for audit purposes.
LoanSphere Loss Mitigation also centralizes loan, property and
decision data to help enhance customer service activities.
Servicers’ single-point-of-contact representatives and loss
mitigation specialists can view current information from a single
system, helping borrowers make more informed decisions about their
loans.
“Black Knight’s solution provides New American Funding with a
single operating environment for all loss mitigation activities to
help us more quickly update our systems to keep pace with evolving
regulatory changes,” said James Clymer, executive vice president,
Mortgage Servicing, at New American Funding. “Black Knight provided
knowledgeable, helpful resources to assist us with implementing the
necessary workflow to support our entire loss mitigation process.
Our business is cyclical and servicers need to ask if they are
prepared for the next wave of delinquencies and defaults. We are
confident that LoanSphere Loss Mitigation puts us in a position to
respond to the needs of our borrowers and to offer solutions in a
timely and efficient manner.”
The solution is integrated with Black Knight’s LoanSphere MSP, a
single, end-to-end servicing system used by financial institutions
to manage all servicing processes. MSP is used to service more than
33 million active loans and helps servicers increase operational
efficiency, reduce operating costs, and improve risk
mitigation.
“We are pleased the close collaboration between Black Knight and
New American Funding resulted in the successful implementation of
our LoanSphere Loss Mitigation solution,” said Joe Nackashi,
president of Black Knight. “Black Knight is committed to moving our
customers and the mortgage industry forward with innovative
solutions such as Loss Mitigation, digital capabilities and other
technology advancements that will help our clients improve their
results and better meet the changing needs of a new generation of
borrowers.”
About New American FundingNew American Funding
is a national mortgage banker licensed in 48 states with 130+
branch locations offering a variety of home loan options including:
Conventional, FHA, Cash Out, Fixed Rate and Adjustable Rate
Mortgages, VA, HARP 2.0, Jumbo, and Reverse Mortgages. The company
is a Fannie Mae, Freddie Mac and Ginnie Mae Direct Seller/Servicer,
FHA Direct Endorsement, and VA Automatic mortgage lender.
About LoanSphere LoanSphere is Black Knight’s
premier, end-to-end platform of integrated technology, data and
analytics supporting the entire mortgage and home equity loan
lifecycle – from origination to servicing to default. The platform
delivers business process automation, workflow, rules, and
integrated data throughout the loan process, providing a better
user experience, cost savings and support for changing regulatory
requirements. By integrating lending functions and data, Black
Knight’s LoanSphere helps lenders and servicers reduce risk,
improve efficiency, and drive financial performance.
Clients that use multiple LoanSphere offerings, such as Empower
and/or LendingSpace; Exchange, Quality Insight or Closing Insight;
and MSP, are considered Black Knight enterprise clients and can
realize exponential value from the integration of these
technologies, as well as the utilization of Black Knight’s
comprehensive data and analytics.
About Black KnightBlack 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.
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 KerschBlack Knight,
Inc.904.854.5043michelle.kersch@bkfs.com
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