Cenlar FSB Signs Five-Year Renewal with Black Knight Financial Services for Continued Use of LoanSphere MSP Loan Servicing System
- MSP provides the scalability to accommodate Cenlar's dynamic growth, as well as enhanced functionality to support its compliance efforts
- MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default
- Cenlar will also begin using Black Knight's Lien Alert solution, which will automatically notify Cenlar when key lien-related indicators are triggered within specified loans or portfolios
JACKSONVILLE, Fla., Jan. 31, 2017 /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 Cenlar FSB, the nation's leading residential mortgage subservicer, has signed a five-year renewal for LoanSphere MSP, Black Knight's industry-leading loan servicing system. MSP is a complete, scalable, end-to-end system used by financial institutions to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. Cenlar has been an MSP customer for 30 years.
"As a longstanding client, we knew MSP offered robust, best-in-class servicing capabilities to support our growth, improve our efficiencies and help identify risk," said Michael Blair, Cenlar FSB's Executive Vice President and Director of Loan Administration. "Other factors in our decision to renew the MSP contract included the system's scalability to easily accommodate the ongoing expansion of Cenlar's loan portfolio; Cenlar's ability to service both first mortgages and home equity lines and loans on a single platform; and its proven effectiveness at managing our loan servicing tasks while supporting our current and evolving regulatory requirements."
As part of Cenlar's MSP renewal agreement, the company will also begin use of Lien Alert, a solution that is integrated with MSP. Based on Cenlar's predetermined rules and frequencies for individual loans or loan portfolios, the Lien Alert solution will automatically send notifications to Cenlar when a key lien-related indicator is triggered -- such as tax delinquency, foreclosure/default activity, bankruptcy, changes in valuation and ARM reset.
"Black Knight is proud to continue its decades-long business relationship with Cenlar, and offer the innovative capabilities their organization needs to support Cenlar's growth," said Joe Nackashi, president of Black Knight's Servicing Technologies division.
About Cenlar FSB
Cenlar FSB, an employee-owned company headquartered in Ewing, New Jersey, is the nation's leading residential mortgage loan subservicer. Cenlar delivers exceptional service through customized, private- label solutions delivered to its client base, which includes banks, thrifts, credit unions, and mortgage bankers. More information about the company can be found by visiting www.cenlar.com.
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
[email protected]
SOURCE Black Knight Financial Services, Inc.
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