Black Knight Financial Services has announced that Guaranty Bank signed a five-year contract to use its MSP platform to service the bank's expanding servicing portfolio. Guaranty Bank recently converted 25,000 residential mortgage loans onto the MSP system. MSP, Black Knight's mortgage and consumer loan servicing platform, is a single, comprehensive system used by financial institutions to manage all servicing processes, including loan boarding, escrow administration, investor reporting and more. MSP's scalability can help servicers meet all mortgage and consumer loan servicing needs for any size portfolio.
Guaranty Bank's conversion of its residential mortgage loans onto the MSP platform will offer the mortgage banker more system functionality, as well as provide increased support to meet federal regulatory requirements. Additionally, Guaranty Bank implemented two Black Knight solutions that integrate with MSP: Electronic Loan Interface, which will automate the loan setup process and Customer CareNet, which will provide Guaranty Bank with an online portal for its borrowers to use for instant access to their mortgage information.
"By converting our loans to MSP, we have gained both a technology provider that is committed to helping Guaranty Bank meet its compliance initiatives, and a knowledgeable partner that can offer us superior technical, application and operational assistance to help ensure our servicing system and internal processes operate effectively and remain secure," said Steve Petersen, senior vice president and loan servicing manager for Guaranty Bank.
"We are pleased Guaranty Bank has chosen Black Knight's industry-leading technology to meet the evolving needs of its growing business," said Joe Nackashi, CIO and president of Black Knight's Servicing and Default Technologies division. "We are committed to providing Guaranty Bank with both innovative technology and collaborative support needed to face compliance challenges and growth opportunities ahead."