Black Knight Financial Services has announced that 360 Mortgage Group LLC has signed a seven-year contract to implement MSP, Black Knight's industry-leading mortgage and consumer loan servicing platform, to support its expanding business. MSP is a single, comprehensive system used by financial institutions to manage all servicing processes, including loan boarding, payment processing, escrow administration and more. The system gives servicers the ability to meet all mortgage and consumer loan servicing needs for any size portfolio.
Initially, 360 Mortgage Group is bringing its mortgage loans in-house from its sub-servicing provider to be serviced on MSP and expects the number of loans to double next year. The company will also use two additional Black Knight solutions that are integrated with MSP: Electronic Loan Interface, which automates the loan setup and boarding process, and Customer CareNet, which gives 360 Mortgage Group borrowers instant online access to their mortgage information. The company will also deploy TeleVoice, an interactive voice response system that is fully integrated with MSP and provides borrowers with immediate and secure access to loan information at their convenience.
"MSP offers a more robust servicing technology to better support our expanding mortgage business," said Norton Wells, vice president of Servicing Operations for 360 Mortgage Group. "The combination of MSP's innovative technology and attention to regulatory detail will give us the ability to provide accurate information and services more quickly to the borrowers we serve. The Black Knight suite of products and services supports 360 Mortgage Group's commitment to being best-in-class."
"We look forward to partnering with 360 Mortgage Group in all aspects of its business to support its aggressive growth plans and expand its mortgage company," said Joe Nackashi, CIO and president of Black Knight's Servicing and Default Technologies division. "Using MSP, 360 Mortgage Group will be better positioned to manage risk, improve overall quality, and keep up-to-date with current regulatory changes and federal requirements, while supporting the consistency and security of the organization's internal processes."
