JACKSONVILLE, Fla., Feb. 1, 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 MUFG Union Bank, one of the world's leading financial groups, has agreed to implement Black Knight's LoanSphere Data Hub to provide broader and deeper insight into the bank's mortgage portfolio to help reduce operational risk and improve efficiency.
"We are excited about further expanding our relationship with Black Knight and taking advantage of the multiple opportunities our business will receive by incorporating the Data Hub into our company's data strategy," said Jim Francis, head of Consumer Lending for MUFG Union Bank. "By centralizing our data and then leveraging new capabilities, we will create deeper levels of information into our operations to gain greater insight."
As an example, Data Hub can help clients identify when a bank customer's home is put on the market and automatically notify the call center or loan officer of that potential lead through the lender's sales management system. Data Hub can also be used to alert servicers when a loan in their portfolio is approaching critical dates, based on regulatory directives and client configurations, so appropriate action can be taken before the deadline has passed.
"There are tremendous opportunities for Black Knight to transform raw data into important and actionable insights, helping our clients to proactively prevent risk, generate new business and increase efficiencies," said Jerry Halbrook, president of Black Knight's Origination Technologies and Enterprise Business Intelligence divisions. "We are looking forward to further supporting MUFG Union Bank's business goals with the comprehensive, trusted data and actionable insights that Black Knight's Data Hub will provide."
Black Knight's LoanSphere Data Hub went into production at a top-10 lender/servicer at the end of 2016.
About MUFG Union Bank, N.A.
MUFG Union Bank, N.A., is a full-service bank with offices across the United States. We provide a wide spectrum of corporate, commercial and retail banking and wealth management solutions to meet the needs of customers. We also offer an extensive portfolio of value-added solutions for customers, including investment banking, personal and corporate trust, global custody, transaction banking, capital markets, and other services. With assets of $120.0 billion, as of March 31, 2016, MUFG Union Bank has strong capital reserves, credit ratings and capital ratios relative to peer banks. MUFG Union Bank is a proud member of the Mitsubishi UFJ Financial Group (NYSE: MTU), one of the world's largest financial organizations with total assets of approximately ¥295.8 trillion (JPY) or $2.5 trillion (USD)1, as of December 31, 2015. The corporate headquarters (principal executive office) for MUFG Americas Holdings Corporation, which is the financial holding company and MUFG Union Bank, is in New York City. The main banking office of MUFG Union Bank is in San Francisco, California.
(1) Exchange rate of 1 USD=¥120.6 (JPY) as of December 30, 2015
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.
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SOURCE Black Knight Financial Services, Inc.