First Interstate Bank Signs Renewal for Black Knight's Comprehensive LoanSphere MSP Servicing System; Agreement Extends Bank's 35-Year Relationship with Black Knight
- The MSP servicing system will continue to provide First Interstate Bank with a proven technology that will help the bank increase operational efficiencies and support its efforts to remain compliant with regulatory requirements.
- First Interstate Bank will also implement several of Black Knight’s data and analytics solutions, including Lien Alert, and Portfolio Overview Insight.
- MSP is a complete, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default.
JACKSONVILLE, Fla., Dec. 06, 2017 (GLOBE NEWSWIRE) -- Black Knight, Inc. (NYSE:BKI) announced today that First Interstate Bank, a $12 billion community bank with more than 120 banking offices, has signed a three-year renewal for LoanSphere MSP, Black Knight’s industry-leading servicing system that supports first mortgages, as well as home equity loans and lines of credit. MSP’s single, comprehensive platform will be used by First Interstate Bank to manage all of its mortgage servicing processes, including loan boarding, payment processing, escrow administration, default management and more. First Interstate Bank has been an MSP client for 35 years.
As part of its renewal, First Interstate Bank will implement Black Knight’s Lien Alert solution, which monitors loans and provides automatic alerts on critical lien-related indicators that could impact a servicer’s business, such as foreclosure/default activity, ownership changes, new loans recorded, ARM resets and more. In addition, First Interstate Bank will use Black Knight’s Portfolio Overview Insight solution, which leverages both Black Knight’s LoanSphere Data Hub technology and the LoanSphere Motivity enterprise business intelligence tool. The Data Hub collects, links and stores loan data from client applications, Black Knight technologies and industry data in a central loction. The Motivity solution offers on-demand, dynamic reporting that servicers can use to quickly view detailed information about their servicing portfolio without printing a report or opening a file.
“We are pleased to continue using Black Knight’s MSP servicing system to increase our operational efficiency and support our focus on providing superior client service,” said Lee Groom, senior vice president of Home Loans, Indirect and Payments at First Interstate Bank. “By adding Black Knight data and analytics capabilities, our operations gain additional information on the risks within our portfolio and offer us greater insight into mortgage industry trends, which we can use to plan for both the near- and long-term.”
The MSP loan servicing system is an end-to-end solution that encompasses all aspects of servicing, and offers comprehensive functionality to support servicers’ regulatory requirements. MSP is used to service more than 33 million active loans and helps servicers increase operational efficiency, reduce operating costs and improve risk mitigation.
“We appreciate and value First Interstate Bank’s confidence in our MSP system to continue managing the company’s expanding servicing portfolio and supporting its client support initiatives,” said Black Knight President Joe Nackashi. “We are proud to have served First Interstate Bank for over 35 years, and are pleased to continue supporting the company with innovative software and dynamic data and analytics capabilities.”
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial services holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank. First Interstate Bank is a community bank with $12.2 billion in assets as of September 30, 2017, delivering financial solutions through over 125 locations across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. As a recognized leader in community banking services, First Interstate is guided by strong values as well as a commitment to delivering long-term organic growth by exceeding client expectations and supporting, with leadership and resources, the communities it serves.
LoanSphere is Black Knight’s premier, end-to-end platform of integrated technology, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements. By integrating lending functions and data, Black Knight’s LoanSphere helps lenders and servicers reduce risk, improve efficiency, and drive financial performance.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
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