JACKSONVILLE, Fla., Nov. 10, 2016 /PRNewswire/ -- Black Knight Financial Services, Inc. (NYSE: BKFS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, announced today that PennyMac Loan Services, LLC, a prominent national mortgage lender and servicer, has signed a multi-year contract extension for LoanSphere MSP, Black Knight's industry-leading mortgage and home equity loan servicing platform.
PennyMac has used MSP for eight years to help manage its growing loan portfolio. MSP's robust scalability helps PennyMac manage the servicing process, including loan boarding, payment processing, escrow administration, default management and more. As part of the multi-year renewal, PennyMac will also use Black Knight's McDash Loan-Level Data providing the company with greater insight into its loan portfolios to discover opportunities for process improvement and help mitigate risk. PennyMac will also implement Proof of Claim and Notice of Payment capabilities within Black Knight's LoanSphere Bankruptcy technology to support compliance with new bankruptcy form requirements.
"We are pleased to continue our partnership with Black Knight, whose MSP system has been a reliable asset in supporting our organization's evolving business needs and growth strategies since we founded the business in 2008," said Steve Bailey, chief operations officer of PennyMac.
Last year, PennyMac signed a renewal for the LoanSphere LendingSpace loan origination system (LOS) to support its correspondent operations. LendingSpace delivers the functionality lenders need to effectively support the loan review and purchase process. PennyMac also uses Black Knight's indexing services, which provides a dedicated, highly trained team to sort and properly index scanned loan-related documents into the correct online folders for PennyMac's loan professionals to easily find the information they need.
"Black Knight is excited for the opportunity to expand PennyMac's use of our comprehensive solutions suite to help manage the company's lending needs," said Joe Nackashi, president of Black Knight's Servicing Technologies division. "By integrating our single, scalable servicing platform with our powerful data and analytics solutions, Black Knight helps our clients support business growth, increased efficiency, effective risk management and enhanced customer service."
PennyMac Financial Services, Inc. is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac Financial Services, Inc. trades under the ticker symbol "PFSI" and is headquartered in Moorpark, California. Additional information about PennyMac Financial Services, Inc. is available at www.IR.PennyMacFinancial.com.
About Black Knight Financial Services, Inc.
Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE: FNF) company, 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:
Black Knight Financial Services
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pennymac-signs-multi-year-contract-renewal-for-black-knight-financial-services-loansphere-msp-and-data-and-analytics-solution-300360634.html
SOURCE Black Knight Financial Services, Inc.