Black Knight has updated its MSP mortgage servicing system in support of Freddie Mac’s new Investor Reporting Change Initiative (IRCI).
Introduced in August 2016 and implemented in May, the IRCI is required for Freddie Mac mortgage sellers/servicers. Its purpose is to help bring Freddie Mac’s single-family investor reporting requirements closer to an industry standard and update its remittance cycles.
The changes were designed to streamline the reporting process, improve operational efficiencies and provide Freddie Mac mortgage sellers/servicers with a more complete view of investor reporting data, Black Knight says in a release.
The initiative took years of extensive planning, collaborating, training and programming, the software company says.
“The Freddie Mac team extends our thanks and appreciation to Black Knight for the collaboration, dedication and hard work put forth by everyone on the IRCI initiative,” says John Felix, loan servicing director for Freddie Mac, in a release. “By enhancing the MSP servicing system to support the IRCI, Black Knight is helping its servicer clients see the benefit of increased efficiencies that come with streamlining the investor reporting process.
“This was truly a team effort, and we look forward to our continued partnership.”