Midwest Loan Services has signed a 7-year contract to use Black Knight Inc.’s MSP servicing system, as well as Black Knight’s Servicing Digital product, Actionable Intelligence Platform (AIP) and several solutions to support the subservicer’s default operations.
Midwest Loan Services is a division of University Bancorp Inc. that provides private-label mortgage subservicing to nearly 400 community banks and credit unions in the U.S.
Black Knight’s MSP servicing system offers scalable end-to-end functionality to help mortgage servicers manage all aspects of their servicing operations, including payment processing, escrow administration, customer service and default management. Servicing Digital is a consumer-centric web and mobile solution that delivers borrowers fast, around-the-clock access to detailed loan information and “what-if” simulators and tools to show how wealth can be built from real estate assets. Servicing Digital gives servicers a platform for continual engagement with their customers to build stronger relationships.
The Black Knight AIP is a unified framework for delivering actionable analytics to the right people within an organization at the right time, so they know the right actions to initiate next. Midwest Loan Services will also use several Black Knight default solutions – including Loss Mitigation, Foreclosure/Bankruptcy and Invoicing – to help its subservicing partners improve the overall efficiency of their default operation processes and improve risk management.
“As a best-in-class residential mortgage subservicer, we wanted to work with a premier technology provider that would help our subservicing partners achieve their goals,” says Peter T. Sorce, president and CEO of Midwest Loan Services.
“After much due diligence, we selected Black Knight because of its innovative technology, continual investments in its system and ability to help our subservicing partners deliver the best experience to their residential loan borrowers,” he adds.