The bank already uses the MSP system to service its first mortgages. It recently extended its software license for seven more years – only this time it is using MSP to support both first mortgages and home equity loans and lines of credit, Black Knight says in a release.
“Black Knight’s MSP system has served as the technology power behind Commerce Bank’s first mortgage servicing business for decades, so it made sense for us to look at converting our home equity portfolio onto the system as well,” says Jeff Gerner, senior vice president at Commerce Bank. “Using a single, integrated servicing platform for both first mortgages and home equity products will allow us to focus on providing value to our customers, while creating operational efficiencies to help lower costs.”
Commerce Bank is also using several servicing-focused analytics from Black Knight’s new Actionable Intelligence Platform (AIP).
The AIP delivers strategic, proactive and actionable analytics to the right people across an organization at the right time, so that staff can know what action to take next, the software firm says.