KeyBank Signs Contract to Implement Black Knight's LoanSphere MSP Servicing System for First Mortgages and Home Equity Loans and Lines of Credit; Becomes Black Knight Enterprise Client
08/10/2017 | 09:01am EDT
KeyBank is consolidating its technology onto one servicing system for mortgages and home equity loans and lines of credit to improve efficiency and risk management.
KeyBank is now a Black Knight enterprise client as a result of the bank’s use of multiple Black Knight solutions.
Integration of systems, solutions and data across the loan life cycle and support for compliance efforts were critical factors in KeyBank’s selection of Black Knight’s solutions.
MSP is the mortgage industry’s leading servicing system; Portfolio Overview Insight standardizes data views across a client’s servicing operations so that each business area is reviewing the same information.
JACKSONVILLE, Fla., Aug. 10, 2017 (GLOBE NEWSWIRE) -- Black Knight Financial Services, Inc. (NYSE:BKFS) announced today that KeyBank, one of the nation’s largest bank-based financial services companies, has signed an agreement to implement Black Knight’s LoanSphere MSP system and Portfolio Overview Insight solution. KeyBank will use MSP to service both first mortgages and home equity loans and lines of credit on a single, unified platform to help improve efficiency and risk management. The bank will also use Portfolio Overview Insight to help it proactively monitor and manage its servicing operations through the use of key performance metrics.
As part of the agreement, KeyBank will also use additional Black Knight technology solutions – including Customer CareNet, iDisburse, LoanSphere Loan Boarding and Web Services – as well as two Black Knight Data & Analytics solutions: Lien Alert and McDash. These technology, data and analytics solutions are integrated with the MSP servicing system and help improve customer service, automate workflow processes, provide loan or portfolio alerts and support online data delivery.
KeyBank currently uses several other Black Knight solutions, including Black Knight’s LoanSphere Empower loan origination system, as well as LoanSphere Bankruptcy and Foreclosure and LoanSphere Invoicing solutions. By using these Black Knight technology and data solutions across the mortgage loan life cycle, KeyBank is considered a Black Knight enterprise client. By gaining business process automation, workflow, rules, and integrated data throughout the loan process, Black Knight enterprise clients can help reduce risk, improve efficiency and drive financial performance.
“We look forward to benefiting from the advantages that Black Knight’s integrated technology systems and access to data across the loan life cycle can offer to help KeyBank improve operational efficiencies and gain greater insight into our performance,” said Amy Brady, CIO, KeyBank. “Black Knight’s ability to support KeyBank’s regulatory and other compliance efforts were another important factor in our decision to expand our current relationship with Black Knight.”
MSP offers a single, comprehensive system used by financial institutions to service over 30 million active loans – more than any other in the mortgage industry. The scalable system, which helps clients manage all servicing processes – from payment processing to escrow administration, customer service, default management and more – can accommodate virtually any size portfolio, and includes award-winning client support services.
Portfolio Overview Insight helps servicers proactively monitor and manage their operations through the use of key performance metrics. By standardizing data views across a servicing organization, each internal business unit views the same information instead of relying on disparate reports with inconsistent definitions of the underlying data. Portfolio Overview Insight leverages the capabilities of both Black Knight’s LoanSphere Data Hub and LoanSphere Motivity. The Data Hub technology collects, links and stores in a central location loan data from client applications and Black Knight technologies with industry data, while Motivity is an enterprise business intelligence tool that offers on-demand, dynamic reporting that servicers can use to quickly view detailed information without printing a report or opening a file.
“As an enterprise client, KeyBank will realize enhanced value across the mortgage life cycle,” said Joe Nackashi, president of Black Knight’s Servicing Technologies division. “KeyBank is a valued client, and we are confident our solutions will help the bank respond to regulatory requirements, achieve increased operational efficiency and improve customer service.”
About KeyCorp KeyCorp was organized more than 190 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $135 billion.
Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com. KeyBank is Member FDIC. About LoanSphere LoanSphere is Black Knight’s premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight’s LoanSphere helps lenders and servicers reduce risk, improve efficiency, and drive financial performance.
Clients that use multiple LoanSphere offerings, such as Empower and/or LendingSpace; Exchange, Quality Insight or Closing Insight; and MSP, are considered Black Knight enterprise clients and can realize exponential value from the integration of these technologies, as well as the utilization of Black Knight’s comprehensive data and analytics.
About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE:BKFS) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com.