Technology and Analytics to Support Expansion of Servicing Operations, Increase Efficiencies
— Arvest will use Black Knight’s MSP servicing system and its integrated default solutions to help expand its servicing operations, support regulatory compliance and enhance the customer experience
— Black Knight’s consumer-facing Servicing Digital mobile app will help Arvest maintain customer engagement while providing its customers with detailed information about their loans and homes, and tools to help manage their housing wealth
— Arvest will also benefit from Black Knight analytics solutions, including the Actionable Intelligence Platform, Lien Alert and McDash mortgage performance dataset
Black Knight, Inc. announced today that Arvest Bank, which offers a variety of financial services and operates in Arkansas, Oklahoma, Missouri and Kansas, will use Black Knight’s full suite of servicing and default solutions to support its expanding servicing business. At the core of Black Knight’s servicing suite is MSP, a software platform that is currently used to service approximately 36 million active loans. The suite also includes the consumer-facing Servicing Digital, the Actionable Intelligence Platform (AIP), Lien Alert, the McDash mortgage performance dataset, and default capabilities for loss mitigation, foreclosure, bankruptcy, claims and invoicing.
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“As Arvest Bank regularly evaluates its focus on its customers, partners, and investors, we felt it critical that we leverage the industry’s leading platform to help us grow our business, manage potential risk and deliver greater value to our customers,” said Steven Plaisance, president and CEO of Arvest Bank’s mortgage division and Arvest Central Mortgage Company. “Complementing the MSP system with a wide array of Black Knight’s integrated servicing and default solutions, as well as analytics, gives us the capabilities we need to excel.”
MSP offers a robust and scalable end-to-end loan servicing system that helps clients manage all servicing processes, including loan onboarding, cash management, investor reporting and loss mitigation. The system can accommodate virtually any size portfolio and is augmented by Black Knight’s award-winning Client Support team.
Black Knight’s Servicing Digital solution is seamlessly integrated with MSP and enables homeowners to easily perform tasks and view information related to their mortgages through a simple, user-friendly interface. The innovative, customer-centric solution delivers useful information specific to an individual’s mortgage, property and local housing market by accessing data through Black Knight’s comprehensive, end-to-end MSP system, as well as the company’s expansive property records database, advanced analytics and automated valuation models.
To monitor its operational volumes, Arvest Bank will use several of Black Knight’s data and analytics solutions, including AIP, a unified data delivery framework that combines Black Knight’s extensive data assets, patented big data ecosystem and enterprise business intelligence capabilities into a single solution. Arvest Bank will also leverage Black Knight’s Lien Alert, a unique, automated solution that monitors portfolio loans and provides alerts on critical lien-related indicators that could impact a servicer’s business, such as ownership changes, new loans recorded, ARM resets and more. As a contributor to Black Knight’s McDash mortgage performance dataset, Arvest Bank will also receive a reporting suite leveraging industry-leading loan-level data. The McDash dataset includes mortgage performance details being tracked for more than 30 years and offers visibility into greater than 200 million primary mortgages and over 30 million home equity loans and lines of credit across the full credit spectrum.
“Black Knight is committed to continually delivering innovative capabilities that add value across the loan life cycle. By using multiple Black Knight servicing and default solutions, Arvest Bank will be able to enhance both its operational efficiencies and customer experience,” said Black Knight President Joe Nackashi. “We are proud to support Arvest Bank’s business by providing the advanced capabilities and premier support needed to drive its mortgage business to the next level.”
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