7 Servicing, a credit union service organization based in Knoxville, Tenn., has signed a contract to use the MSP loan servicing system from Black Knight Inc.
MSP is an end-to-end loan system that supports all aspects of servicing, from loan boarding to default. With the addition of MSP and Black Knight’s integrated servicing solutions, 7 Servicing will transfer the servicing of the growing ORNL Federal Credit Union and 7 Mortgage servicing portfolios from a subservicer to the 7 Servicing team.
“Everything we do at 7 LLC ties to our core operating principles, which focus on providing the best possible experience to our members,” says Chris Boler, president and CEO of 7 LLC. “Our decision to begin servicing our portfolio on MSP is an investment in our current and future members. We recognize how important it is to offer them convenient, self-service tools so they can spend less time managing their loan and more time enjoying their home.”
7 Servicing will also add Black Knight’s suite of default solutions to help reduce cycle times, decrease operating costs and improve efficiencies when servicing nonperforming loans. This includes Loss Mitigation, a web-based solution that supports industry-standard retention, collections and liquidation workouts to help improve operations and mitigate risk.
In addition, 7 Servicing is incorporating Servicing Digital, an interactive, self-service web and mobile solution that provides access to customized, timely information about a member’s mortgage and home.