Cornerstone Servicing, a third-party subservicer and a division of Cornerstone Capital Bank, is now using Bizzy Labs’ Libretto compliance technology to reduce costly errors, provide business risk transparency and lower per loan servicing costs.
With Libretto, Cornerstone Servicing can perform daily exception processing on its servicing portfolios.
Cornerstone Servicing is the first Bizzy Labs client using Black Knight’s MSP mortgage servicing system. The firm will also market Libretto as a selling feature to its subservicing clients and prospects.
Libretto is a servicing quality assurance compliance program that provides a systematic and automated approach to loan due diligence. It uses a comprehensive library of over 1,000 business rules run daily against entire servicing portfolios to identify servicing compliance deadlines and data quality anomalies that could lead to compliance red flags.
Cornerstone Servicing is built to empower smart homeownership and cultivate customers for life. Its proven formula combines superior customer care, intuitive technologies, customer-centric processes, and actionable communications to make homeownership easy and convenient. The company’s subservicing clients, who represent lenders and investors of all sizes, benefit from better retention, minimal delinquency and risk, and a stronger financial performance.
“In today’s ever-changing regulatory environment, we take a proactive approach to ensure our clients’ servicing portfolios meet and exceed the most stringent compliance standards,” says Toby Wells, president of Cornerstone Servicing, in a release. “Integrating the Libretto compliance rules engine into our robust servicing technology platform is helping us monitor and detect risks early and with even greater efficiency and precision. This strategic partnership with Bizzy Labs will help us continuously elevate our platform, risk management program, and best-in-class client services.”
Photo: Agence Olloweb