First United Bank has signed a long-term contract extension to continue using Black Knight's industry-leading MSP servicing system
Black Knight, Inc. (NYSE:BKI) announced today that First United Bank, one of the largest privately held community banks in the country, has signed a long-term contract extension to use Black Knight’s premier MSP loan servicing system, which supports first mortgages, as well as home equity loans and lines of credit, on a single platform. First United Bank will continue to use MSP to help them manage its mortgage servicing processes, payment processing, escrow administration, default management and more. In addition, the bank will implement Black Knight’s fully integrated Servicing Digital solution to further enhance the customer experience.
“Our continued partnership with Black Knight will support First United’s efforts to elevate 10,000 lives by year 2030,” said Mark Dawson, Executive Vice President and Chief Financial Services Officer at First United Bank. “MSP has already proven to be a trusted servicing platform for our business to help us reach this goal. By adding Servicing Digital, our customers will enjoy more flexibility to manage their accounts from any device — when and where it’s convenient for them. We hope this will give our customers more time to focus on what’s most important and truly be able to spend life wisely.”
The Black Knight MSP system is a complete, scalable, end-to-end system used by mortgage servicers of all sizes to manage their servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. The MSP system helps servicers increase efficiency, reduce operating costs and improve risk mitigation for approximately 36 million active loans currently serviced on the system.
Black Knight’s Servicing Digital solution enables homeowners to easily perform tasks and view information related to their mortgages through a simple, user-friendly interface, while providing a platform for continual engagement between servicers and their customers. The innovative, customer-centric solution delivers useful information specific to an individual’s mortgage, property and local housing market by accessing data through the MSP system, as well as the company’s industry-leading property records database, advanced analytics and automated valuation models. While First United Bank will use the responsive web design version of Servicing Digital, the solution is also available in a native mobile app.
First United Bank also began using Black Knight’s Loss Mitigation and Payoff Express solutions last year, both of which fully integrate with the MSP system. As part of Black Knight’s suite of default solutions, Loss Mitigation provides full functionality to support servicers with industry-standard retention and liquidation workouts. Payoff Express delivers an efficient way for title and settlement agents to obtain loan payoff information from mortgage servicers, allowing them to place orders for payoff quotes via an online platform or client-managed application.
“First United Bank is a valued, long-time Black Knight client, and we are proud to provide our trusted, comprehensive, integrated technologies for its servicing needs,” said Black Knight President Joe Nackashi. “We remain committed to delivering on innovation to support First United Bank’s operations and growth and look forward to the continued expansion of our relationship in the future.”
Source: Company Press Release