Black Knight Financial Services has announced that Union Bank & Trust, based in Lincoln, Neb., has signed a five-year contract to service mortgage loans in-house using MSP, Black Knight's industry-leading mortgage and consumer loan servicing platform. MSP, a complete, end-to-end system used by financial institutions to manage all servicing processes, including loan boarding, escrow administration, investor reporting and more, offers servicers the ability to meet all mortgage and consumer loan servicing needs for any size portfolio.
The implementation of MSP supports Union Bank & Trust's expansion into mortgage servicing, which complements the broad mix of financial services the bank offers to businesses and individuals. To expand the capabilities of its new servicing platform, Union Bank & Trust will integrate the following Black Knight solutions with MSP:
►Electronic Loan Interface to automate the loan setup process.
►Customer CareNet to provide an online solution that gives Union Bank & Trust borrowers instant access to their mortgage information.
►iDisburse to provide Union Bank & Trust with a fully automated check-printing solution for reviewing, printing and auditing disbursements.
"MSP offers us the ability to centrally manage all servicing functions on a single technology platform and to easily accommodate our growing loan portfolio," said Alan Fosler, senior vice president, Union Bank & Trust. "The powerful capabilities of Black Knight's technology give us the confidence that MSP is the best system to support our bank's expansion into loan servicing."
"Our technology will allow Union Bank & Trust to reallocate resources to higher-priority customer service and revenue-building initiatives, which will support its growth goals," said Joe Nackashi, CIO and president of Black Knight's Servicing and Default Technologies division. "With MSP, we expect Union Bank & Trust to realize greater operational efficiency, reduce regulatory risk and provide a better borrower experience."