LoanSphere Loss Mitigation is a Web-based solution, offering workflow and decisioning capabilities, which helps mortgage servicers through the complete loss mitigation process, while creating an audit trail to help support their compliance with changing government and investor requirements. LoanSphere Loss Mitigation also centralizes loan, property and decision data to help enhance customer service activities. Servicers’ single-point-of-contact representatives and loss mitigation specialists can view current information from a single system.
“Black Knight’s solution provides New American Funding with a single operating environment for all loss mitigation activities to help us more quickly update our systems to keep pace with evolving regulatory changes,” said James Clymer, Executive Vice President of Mortgage Servicing at New American Funding. “Black Knight provided knowledgeable, helpful resources to assist us with implementing the necessary workflow to support our entire loss mitigation process. Our business is cyclical and servicers need to ask if they are prepared for the next wave of delinquencies and defaults. We are confident that LoanSphere Loss Mitigation puts us in a position to respond to the needs of our borrowers and to offer solutions in a timely and efficient manner.”