Black Knight extends contract with Flagstar Bank for MSP Loan Servicing System
By Edlyn Cardoza
Black Knight, Inc. announced that Flagstar Bank, the fifth largest subservicer in the U.S., has signed a contract extension to continue using the Black Knight MSP loan servicing system. MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default. Financial institutions use the platform to service approximately 37 million active loans – more than any other in the industry.
“Throughout our decade-long relationship with Black Knight, the MSP loan servicing system has proven to be the right platform for the evolving demands of our servicing and subservicing operations,” said Lee Smith, executive vice president and president of Mortgage, Flagstar Bank. “The scalability and reliability of MSP continue to support our growing portfolios, and we appreciate Black Knight’s commitment to investing in and continuously enhancing the platform.”
Flagstar Bank has also renewed its contract to use Black Knight’s full suite of default solutions to help streamline processes for nonperforming loans and manage loss mitigation processes. The bank is also a current user of Black Knight’s product, pricing, and eligibility engine, as well as its marketing automation tool.
“Black Knight considers it a privilege to continue serving Flagstar Bank, a long-time and respected client, during its period of rapid growth,” said Joe Nackashi, CEO of Black Knight. “Our ongoing relationship is a testament to the strength and depth of the MSP loan servicing system, as well as our continued commitment to advance our solutions to support our valued clients and their customers.”
Recently, IBS Intelligence reported that Black Knight, Inc. announced that Together Credit Union, a St. Louis-based credit union with 27 branches nationwide, had selected the Empower loan origination system (LOS) to help drive expected business growth and elevate the member experience.
Flagstar Bancorp, Inc. is a $24.9 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsin and Ohio.
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