Virginia Housing has renewed its contract to use Black Knight Inc.’s MSP servicing system. Virginia Housing has been a Black Knight client for 25 years. Through its continued use of MSP, Virginia Housing will be equipped to further automate its processes and support residents within the state.
The agency will also add Black Knight’s Loss Mitigation solution to support deeper automation in its loss mitigation processes. With over 1 million loans expected to exit forbearance in the next four months nationwide, this solution will help Virginia Housing better support its customers.
“Black Knight has been a valuable partner through Virginia Housing’s expansion for over the past two decades,” says Pamela Holmes, director of loan servicing at Virginia Housing. “The MSP system offers the functionality and flexibility to continue meeting our evolving needs, and we look forward to supporting our customers who have been impacted by the pandemic and further streamlining our risk mitigation efforts through the addition of the Loss Mitigation solution to our suite of tools.”
The MSP loan servicing system supports first mortgages, as well as home equity loans and lines of credit, on a single platform. This complete, scalable, end-to-end system is used by financial institutions to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more.
Integrated with MSP, Black Knight’s Loss Mitigation solution offers a web-based solution that supports retention and liquidation workouts to streamline the loss mitigation process and reduce risk. In addition, Loss Mitigation supports proprietary forbearance and modification programs to support borrowers impacted by COVID-19 or other unprecedented circumstances. The solution also helps servicers to manage the influx of repayment plans, FHA Partial Claims, GSE Payment Deferrals and loan modifications.
“Our enhanced MSP system and its integrated innovative solutions, such as Loss Mitigation, provide strong support to one of Virginia Housing’s key strategic goals to transform and modernize its IT infrastructure to enhance security capabilities and implement a business-value-driven service delivery model,” adds Joe Nackashi, president of Black Knight. “We remain committed to supporting the agency’s needs and its desire for deeper automation, so it can continue fulfilling its mission to help Virginians obtain quality, affordable housing.”