Old National Bank Successfully Migrates Mortgage Portfolio to Black Knight's LoanSphere MSP Servicing System
JACKSONVILLE, Fla., Aug. 9, 2018 /PRNewswire/ -- Black Knight, Inc. (NYSE: BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced that Old National Bank, a regional bank with more than 150 retail branches and headquartered in Evansville, Ind., successfully converted its mortgage portfolio to Black Knight's LoanSphere MSP system. The MSP system, which is used to service approximately 34 million active loans nationwide, provides a single platform for servicing both first mortgages and home equity lines and loans. Old National Bank will use the system to take advantage of new revenue opportunities for its expanding company.
"We needed to replace our previous servicing platform with a solution that would allow us to better manage our mortgage portfolio, support our growth initiatives, and deliver valued experiences to our clients," said Dean Happe, senior vice president, operations director at Old National Bank. "It was critical for us to improve back-office operations to better support compliance requirements, as well as manage internal processes to handle our projected business growth, and enhance our service delivery. Black Knight had the proven system we were looking for."
The MSP loan servicing system is an end-to-end solution that encompasses all aspects of servicing, including loan boarding, payment processing, escrow administration and default management. The system's comprehensive functionality, which supports servicers' regulatory requirements, helps servicers increase efficiency, reduce operating costs and improve risk mitigation. Old National Bank will also use LoanSphere Loan Boarding, a user-friendly solution to efficiently board mortgage loans to MSP; and Customer CareNet, a web-based consumer portal for servicers to offer their customers instant online access to their mortgage and home equity loan information.
"Old National Bank's growth goals require the sort of stability, flexibility and scalability the MSP system has proven to provide our clients for decades," said Joe Nackashi, president of Black Knight's Servicing Technologies division. "Black Knight is pleased to support Old National Bank with the MSP system's unique, innovative capabilities to help achieve its business goals and increase operational efficiencies in servicing its mortgage portfolio."
About Old National Bank
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest financial services holding company headquartered in Indiana. With $17.5 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World's Most Ethical Company by the Ethisphere Institute for seven consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients. Today, Old National's footprint includes Indiana, Kentucky, Michigan, Wisconsin and Minnesota. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investments and brokerage services. For more information and financial data, please visit Investor Relations at oldnational.com.
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 life cycle.
As a leading fintech, 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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SOURCE Black Knight, Inc.
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