Black Knight recently announced two key contract renewals – one with Fremont Bank, an independent and locally owned full-service bank in the San Francisco Bay Area, and the other with First Bank Mortgage, a division of First Bank – for its LoanSphere MSP system.
In the case of Fremont Bank, the renewal is for seven more years, and in the case of First Bank, the renewal is for three more 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 Black Knight’s Portfolio Overview Insight and Lien Alert solutions.
“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,” says Gary De Luca, senior vice president and group executive of residential lending for Fremont Bank, in a release. “The system’s automation, flexibility and scalability have helped us meet our goals for increased savings and operational efficiency.”
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.
Meanwhile, First Bank Mortgage is also using Black Knight’s Lien Alert solution, integrated with MSP, to help proactively manage risk and improve decision-making, as well as Black Knight’s McDash reporting suite for insights into monthly prepayment and delinquency trends.
“We are pleased to continue using Black Knight’s MSP platform for effective management of our servicing processes and supporting our compliance efforts,” says Bill Kusman, president at First Bank Mortgage, in a separate release. “The addition of Black Knight data and analytics capabilities will help our operations become aware of risks within our portfolio and offer us greater insight into mortgage industry trends, so we can plan accordingly.”