Black Knight Financial Services announced that New American Funding has signed a five-year contract to implement MSP, Black Knight's mortgage and consumer loan servicing platform, to support New American Funding's growing servicing business. MSP, used by financial institutions to manage all servicing processes, including loan boarding, escrow administration, investor reporting and more, gives servicers the ability to meet all mortgage and consumer loan servicing needs for any size portfolio.
New American Funding is moving its mortgage loans from its current sub-servicing provider to be serviced in-house on MSP. The MSP platform provides significant scalability that can easily support New American Funding's planned expansion of its servicing portfolio over the next few years. New American Funding is a Fannie Mae Direct Seller/Servicer, a Freddie Mac Direct Seller/Servicer, has FHA Direct Endorsement—HUD Approved, and is a VA automatic mortgage lender.
The company will also use additional Black Knight solutions that are integrated with MSP, including:
►Electronic Loan Interface to automate the loan setup process.
►Customer CareNet to provide an online solution that gives New American Funding borrowers instant access to their mortgage information.
►iDisburse, a fully automated check-printing solution for reviewing, printing and auditing disbursements.
►Invoice Management, which offers a Web-based solution that streamlines billing and invoicing processes.
"With Black Knight's powerful technology capabilities, we are confident that the decision to bring our servicing in-house will help us expand our mortgage business," said Christy Bunce, chief operating officer for New American Funding. "The proven stability and functionality of MSP, along with Black Knight's commitment to helping improve compliance and risk management, will help position us for greater operational success."
