Black Knight Financial Services Inc. (BKFS), a provider of integrated technology, data and analytics to the mortgage and real estate industries, says that national mortgage lender and servicer PennyMac Loan Services LLC has signed a multiyear contract extension for LoanSphere MSP, Black Knight’s mortgage and home equity loan servicing platform.
According to BKFS, PennyMac has used MSP for eight years to help manage its growing loan portfolio and the servicing process, including loan boarding, payment processing, escrow administration, default management and more.
As part of the multiyear renewal, PennyMac will also use Black Knight’s McDash Loan-Level Data, providing the company with greater insight into its loan portfolios to discover opportunities for process improvement and help mitigate risk. BKFS says PennyMac will also implement proof of claim and notice of payment capabilities within Black Knight’s LoanSphere bankruptcy technology to support compliance with new bankruptcy form requirements.
Last year, PennyMac signed a renewal for the LoanSphere LendingSpace loan origination system to support its correspondent operations. PennyMac also uses Black Knight’s indexing services, which provide a dedicated team to sort and properly index scanned loan-related documents into the correct online folders for PennyMac’s loan professionals to easily find the information they need.
“Black Knight is excited for the opportunity to expand PennyMac’s use of our comprehensive solutions suite to help manage the company’s lending needs,” says Joe Nackashi, president of Black Knight’s servicing technologies division. “By integrating our single, scalable servicing platform with our powerful data and analytics solutions, Black Knight helps our clients support business growth, increased efficiency, effective risk management and enhanced customer service.”