Black Knight Financial Services Inc. (BKFS)
has announced that Cenlar FSB
has signed a five-year renewal for LoanSphere MSP, Black Knight's loan servicing system. MSP is a scalable, end-to-end system used by financial institutions to manage all servicing processes, including loan setup and maintenance, escrow administration, investor reporting, regulatory requirements and more. Cenlar has been an MSP customer for 30 years.
"As a longstanding client, we knew MSP offered robust, best-in-class servicing capabilities to support our growth, improve our efficiencies and help identify risk," said Michael Blair, Cenlar FSB's executive vice president and director of Loan Administration. "Other factors in our decision to renew the MSP contract included the system's scalability to easily accommodate the ongoing expansion of Cenlar's loan portfolio; Cenlar's ability to service both first mortgages and home equity lines and loans on a single platform; and its proven effectiveness at managing our loan servicing tasks while supporting our current and evolving regulatory requirements."
As part of Cenlar's MSP renewal agreement, the company will also begin use of Lien Alert, a solution that is integrated with MSP. Based on Cenlar's predetermined rules and frequencies for individual loans or loan portfolios, the Lien Alert solution will automatically send notifications to Cenlar when a key lien-related indicator is triggered—such as tax delinquency, foreclosure/default activity, bankruptcy, changes in valuation and ARM reset.
"Black Knight is proud to continue its decades-long business relationship with Cenlar, and offer the innovative capabilities their organization needs to support Cenlar's growth," said Joe Nackashi, president of Black Knight's Servicing Technologies Division.