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LoanCare Signs Seven-Year Renewal With Black Knight Financial Services for LoanSphere MSP Servicing System

August 01, 2017
  • Black Knight’s MSP system provides enhanced functionality to support LoanCare’s growing business.
  • MSP’s comprehensive, end-to-end loan servicing system encompasses all areas of servicing -- from loan boarding to default – for first mortgages and home equity products.
  • LoanCare also uses additional Black Knight servicing solutions for bankruptcy, foreclosure and invoicing.

JACKSONVILLE, Fla., Aug. 01, 2017 (GLOBE NEWSWIRE) -- Black Knight Financial Services, Inc. (NYSE:BKFS) announced today that LoanCare, a ServiceLink company that is a leading national full-service residential subservicer, has signed a seven-year renewal to continue using Black Knight’s LoanSphere MSP, a comprehensive, end-to-end servicing system used by financial institutions to manage the servicing processes for both mortgage and home equity loans. These processes include loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. MSP, which helps LoanCare to reduce the costs, resources and potential regulatory risks associated with operating multiple systems, is currently used by many of the nation’s leading financial institutions to service a total of more than 30 million active loans.

“Black Knight’s MSP system offers us innovative features and functionality to support the expansion of LoanCare’s business to serve additional customers,” said Dave Worrall, president of LoanCare. “Black Knight’s commitment to continuous enhancements of its technologies will help LoanCare meet our clients’ servicing needs both now and in the future and support our efforts to provide a best-in-class experience for our clients’ borrowers.”

In addition to using Black Knight’s MSP system, LoanCare uses the following Black Knight servicing solutions:

  • LoanSphere Bankruptcy – Assists servicers with managing the bankruptcy process by using workflow and servicer-defined rules to automate bankruptcy-related tasks;
  • LoanSphere Foreclosure – Uses workflow and automated, servicer-defined rules to help servicers with the foreclosure process; and
  • LoanSphere Invoicing – Provides a web-based invoice management solution that consolidates invoice process tasks – from bill presentment and processing to post-payment activities.

“We are pleased to continue our trusted relationship with LoanCare and deliver solutions that help support its operations, reduce costs and mitigate risk,” said Joe Nackashi, president, Black Knight’s Servicing Technologies division. “We appreciate LoanCare’s confidence in us and will continue to enhance the system to deliver new capabilities to support its future growth and success.” 

About LoanCare, a ServiceLink Company
LoanCare, a ServiceLink company, is a leading national provider of full-service subservicing and interim subservicing to the mortgage industry and has offered its expertise and best practices in providing servicing solutions for others since 1991. At the present time, LoanCare subservices approximately 1 million loans in 50 states, approximating $200 billion in loan balances. LoanCare has a seasoned loan servicing team with senior managers averaging nearly 30 years of experience in the mortgage and financial services industry.

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.

For more information:                                                                                                              
Michelle Kersch
Black Knight Financial Services                                                                                                    
904.854.5043                                                                 
michelle.kersch@bkfs.com

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Source: Black Knight Financial Services, Inc.
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