Fremont Bank Signs Seven-Year Contract Renewal for Black Knight LoanSphere MSP Servicing System for First Mortgages and Home ...
October 30 2017 - 9:05AM
Black Knight, Inc. (NYSE:BKI) announced today that Fremont Bank,
the only independent and locally owned full-service bank in the San
Francisco Bay Area, has renewed its agreement to use Black Knight’s
LoanSphere MSP system for seven years. Fremont Bank uses MSP to
service first mortgages, as well as home equity loans and lines of
credit, on a single system to improve efficiency and operational
performance. As part of this agreement, Fremont Bank will also use
other key Black Knight solutions:
- Portfolio Overview Insight -- Will proactively monitor and
manage Fremont Bank’s servicing operations through the use of key
performance metrics. 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.
- Lien Alert -- Will provide instant alerts on loans in the
servicer’s portfolio when any of seven key lien-related indicators
occur that could negatively impact the servicer’s business, such as
tax delinquencies and foreclosure/default activities.
“We have been extremely pleased with the advantages that the
Black Knight MSP system offers, allowing us to consolidate the
servicing of first mortgages and home equity loans on a centralized
system,” said Gary De Luca, senior vice president and group
executive of Residential Lending for Fremont Bank. “The system’s
automation, flexibility and scalability have helped us meet our
goals for increased savings and operational efficiency.”
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 30 million active loans and helps
servicers increase operational efficiency, reduce operating costs
and improve risk mitigation.
Portfolio Overview Insight leverages both Black Knight’s
LoanSphere Data Hub -- a technology that collects, links, and
stores loan data from client applications, Black Knight
technologies, and industry data in a central location -- and Black
Knight’s enterprise business intelligence tool, LoanSphere
Motivity. These solutions offer on-demand, dynamic reporting that
servicers can use to quickly view detailed information about their
servicing portfolios without printing a report or opening a
file.
In addition to the products selected as part of this agreement,
Fremont Bank also utilizes Black Knight’s LoanSphere Empower loan
origination system and is in the process of implementing LoanSphere
Exchange, the largest fully interconnected network of lenders and
service providers in the U.S. As a result of using multiple
solutions across the loan life cycle, Fremont Bank is considered a
Black Knight enterprise client. By gaining business process
automation, workflow, rules, and integrated data throughout the
loan process, Black Knight enterprise clients can help reduce risk,
improve efficiency and drive financial performance.
“We value our long-time relationship with Fremont Bank and are
pleased that we will be able to offer even more advantages through
additional innovative solutions,” said Joe Nackashi, president of
Black Knight. “We are continually investing in our servicing
technologies to help all of our clients drive growth and
performance, while helping them support compliance efforts.”
About Fremont BankFremont Bank
(www.fremontbank.com) is the leading full-service community bank in
Northern California. Founded in 1964, Fremont Bank is one of the
oldest independent family owned and managed banks in the region and
focuses on personalized service for individuals and businesses. It
serves communities through 20 branches and seven additional ATMs
throughout the Greater Bay Area. Exceptional client service is the
cornerstone of Fremont Bank's business. Accommodation of customer
needs in a friendly, personal atmosphere characterizes the Bank's
culture. 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
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
904.854.5043
michelle.kersch@bkfs.com
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