Robust business intelligence reporting enables servicers using MSP to gain visibility into key, event-driven statuses for all loans in their portfolios
Black Knight, announced the release of a white paper, “Servicing Impacts of COVID-19,” for users of the industry-leading MSP loan servicing system. The paper provides Black Knight’s MSP clients with specific guidance on using the system’s existing processes and automation to assist borrowers impacted by the COVID-19 pandemic. MSP – which is used by financial institutions of all sizes to service 34 million active loans – stands ready to assist servicers as they manage the operational challenges associated with the unprecedented surge in forbearance requests. Black Knight is working collaboratively with servicers to provide solutions and support to help consumers in their time of need during this national health crisis.
“Black Knight’s MSP clients have the necessary functionality in place today to begin helping mortgage-holders who are impacted by the COVID-19 pandemic by using the system to set up payment deferrals,” said Joe Nackashi, president of Black Knight. “Managing the many aspects of forbearance programs mandated by the FHFA, HUD and the newly signed CARES Act will present operational challenges for servicers who lack the necessary technology. However, MSP clients are well-positioned to meet this requirement and respond to these forbearance requests. Additionally, our Loss Mitigation solution will help them more easily manage the decision-making and necessary next steps when the loans’ forbearance plans reach their end dates. This will be a tremendous task, but one that is necessary to help keep borrowers in their homes.”
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Servicers that use the Black Knight Servicing Digital application will also be able to allow their borrowers to request assistance and see the status of their forbearances directly from the Servicing Digital application.
Black Knight’s Loss Mitigation solution, which is seamlessly integrated with the MSP servicing system, enables servicers to systematically identify borrowers who are active on a COVID-19 forbearance program. Together with MSP, Loss Mitigation enables servicers to automate the management of forbearance and modification programs, with full documentation for regulatory compliance. It also streamlines post-forbearance workout options depending upon specific investor or insurer requirements. Once those workout decisions have been made, the Loss Mitigation solution will also automate the necessary updates to MSP.
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