Black Knight Inc. says LoanCare, a national provider of full-service, component and interim mortgage loan subservicing, will implement the Black Knight Loss Mitigation solution to support payment assistance programs.
Additionally, LoanCare renewed its contract to continue using MSP, Black Knight’s loan servicing system.
“Being able to quickly present options to borrowers facing difficult circumstances will be an efficient, effective way to help them find a way to stay in their homes,” says Dave Worrall, president of LoanCare.
Loss Mitigation, in combination with the MSP system, allows LoanCare to proactively help its clients’ customers who are having trouble making their mortgage payments. Customers can notify their servicer that they are unable to make a payment and view different forbearance plans and repayment options available to them. The information is tracked in Loss Mitigation and alerts the servicer so it can begin proactive communications with the customer.
Loss Mitigation is part of Black Knight’s suite of default capabilities, which LoanCare uses to help decrease cycle times, reduce costs, mitigate risk and improve operating efficiencies.
MSP helps clients manage all servicing processes, including loan onboarding, cash management, investor reporting, loss mitigation and default. MSP is augmented by Black Knight’s 24/7 client support team, and the system can be used to service both first mortgages and home equity loans on one unified platform to help servicers increase operational efficiency, reduce operating costs and improve risk mitigation.