Black Knight announced that Midwest Loan Services, a private-label mortgage subservicer, has signed a long-term contract for the MSP loan servicing system to support its default operations.
Under the seven-year contract, Midwest Loan Services’ will be able to use Black Knight’s MSP servicing system, as well as its servicing digital product, actionable intelligence platform (AIP), and other tools.
MSP will provide Midwest Loan Services with the scalable functionalities and ongoing compliance updates to help manage all aspects of their servicing operations, including payment processing, escrow administration, customer service, and default management.
"MSP is known for its proven capabilities to help servicers of all sizes manage their operations," said Black Knight President Joe Nackashi. "We are committed to advancing MSP and offering leading-edge solutions to support the needs of the evolving market so Midwest Loan Services and all our clients can improve operational efficiencies, support compliance and enhance the customer experience."
Midwest Loan Services will also use Black Knight’s servicing digital product, which gives servicers a platform for engaging with their customers. The Black Knight AIP, on the other hand, will help Midwest’s servicer clients utilize actionable analytics.
Additionally, Midwest Loan Services will employ several Black Knight default tools, including loss mitigation, foreclosure, bankruptcy, and invoicing, to help its subservicing partners enhance the efficiency of their default operation process and improve risk management.
"As a best-in-class residential mortgage subservicer, we wanted to work with a premier technology provider that would help our subservicing partners achieve their goals," said Peter Sorce, president and CEO of Midwest Loan Services. "After much due diligence, we selected Black Knight because of its innovative technology, continual investments in its system and ability to help our subservicing partners deliver the best experience to their residential loan borrowers."