The Nation’s Second Largest Credit Union Will Implement the MSP Mortgage Servicing System and Integrated Solutions to Further Enhance the Member Experience
Black Knight, Inc. announced that State Employees’ Credit Union (SECU), the second largest credit union in the United States with over 2.6 million members, has signed a contract to use MSP, Black Knight’s comprehensive, industry-leading mortgage loan servicing system that supports all aspects of servicing, from loan boarding to default. With the addition of SECU, Black Knight now provides servicing solutions to the nation’s three largest credit unions, as well as several other credit unions and credit union service organizations.
“Our members count on us to deliver the most advanced technology, and we work tirelessly to exceed their expectations,” said Jim Hayes, president and CEO of SECU. “Our selection of MSP and integrated solutions was guided by our commitment to our current and future members, as Black Knight is the industry leader in innovative mortgage technology.”
Latest Fintech News: Arbitrum Launched By Nuon “flatcoin”
SECU will also use Black Knight’s cloud native Customer Service solution, which will give SECU support representatives access to detailed, holistic and timely information at the point of member contact. Seamlessly integrated with the MSP system, the solution presents these customer service representatives with the relevant loan, home and neighborhood information they need through an intuitive, easy-to-use graphical interface – helping them deliver exemplary service when responding to member questions.
For more streamlined default processes, SECU will add Black Knight’s suite of default solutions to help reduce cycle times, decrease operating costs and improve efficiencies when servicing nonperforming loans. This includes Loss Mitigation, a feature-rich, web-based solution that supports industry-standard retention, collections and liquidation workouts to help improve operations and mitigate risk. Loss Mitigation leverages advanced rules and logic to guide users through processes step-by-step, including validation points throughout the workflow, to help reduce missed steps and overlooked information.
Latest Fintech News: TransUnion Announces Investment in Bud to Drive Innovation and Growth in Open Banking
SECU is also taking advantage of several servicing-focused data and analytics solutions from Black Knight, including the Actionable Intelligence Platform, which delivers strategic, proactive and actionable analytics to the right people across an organization at the right time, so they know which action to take next. Additionally, the credit union will leverage McDash industry reports, which provide delinquency and prepayment overviews, roll rates, and state-level mortgage performance data. These reports are used to support benchmarking and analysis, portfolio management, strategy development and more.
“Black Knight looks forward to helping SECU deliver even more value to members by way of best-in-class technology,” said Joe Nackashi, CEO, Black Knight. “Our innovative solutions are unmatched across the industry, and SECU’s decision to invest in Black Knight’s top-tier technology will position the credit union to provide superior service as it continues to serve more members.”
Latest Fintech News: Bankjoy Launches Online Account Opening 2.0
[To share your insights with us, please write to sghosh@martechseries.com]
