Joe Nackashi, President, Black Knight’s Servicing Technologies

Black Knight Inc, provider of lending software and data analytics solutions, has successfully implemented its Black Knight MSP servicing system at KeyBank, a leading US-based bank.

The bank has been using Black Knight’s loan origination system, Bankruptcy and Foreclosure and Invoicing solutions,Black Knight Actionable Intelligence Platform (AIP) and now it has also started using MSP to service its mortgage portfolio to help improve efficiency and risk management. These help the bank proactively monitor and manage its servicing portfolio through the use of strategic analytics.

“As a result of the Black Knight team’s extensive servicing experience and skillful execution, the entire implementation process was planned and managed efficiently,” said Amy Brady, CIO, KeyBank. “Black Knight’s superior product innovation, as well as its ability to support our growing servicing operations and help enhance our compliance processes, were important factors in our decision to expand our current relationship with Black Knight.”

MSP offers a single, comprehensive system used by financial institutions to service over 34 million active loans. The scalable system, which helps clients manage all servicing processes – from payment processing to escrow administration, customer service, default management can accommodate virtually any size portfolio, and includes client support services. MSP can also support home equity loans and lines of credit on the same platform.

“Taking advantage of multiple innovative Black Knight products will help KeyBank to benefit from reduced costs, increased operational efficiency and improved support for compliance initiatives,” said Joe Nackashi, president of Black Knight’s Servicing Technologies division. “KeyBank is a valued client, and we are proud to provide the premier technology that KeyBank uses to both originate and service its loans, as well as provide additional innovative capabilities to support KeyBank’s growth and success.”

The Black Knight AIP is a unified framework for delivering strategic and actionable analytics to the people within an organization. The AIP components used by KeyBank include Portfolio Insight Suite, which helps servicers monitor and manage their operations through the use of key performance metrics, and Lien Alert, which provides servicers with instant notifications about key lien-related indicators. KeyBank will also use Black Knight McDash standard reports. McDash offers access to the deepest, broadest mortgage dataset in the market, including a majority of the active mortgage universe and historical data on 180 million first mortgage loans and more than 20 million home equity loans.

Headquartered in Cleveland, Ohio, KeyCorp was organized more than 190 years ago and has assets of approximately $135 billion.Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of KeyBank National Association. Key also provides a broad range of corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.

Founded in 2014, Black Knight is a provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership life cycle.

by Megha Bhattacharya
Market Analyst at IBS Intelligence