KeyBank Successfully Implements Black Knight's MSP Servicing System for First Mortgages
JACKSONVILLE, Fla., Feb. 11, 2019 /PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) announced today that KeyBank, one of the nation's largest bank-based financial services companies, has successfully implemented the Black Knight MSP servicing system. KeyBank, which has been using Black Knight's Empower loan origination system, as well as its Bankruptcy and Foreclosure and Invoicing solutions for several years, is now also using MSP to service its mortgage portfolio to help improve efficiency and risk management. Additionally, the bank is using components of the new Black Knight Actionable Intelligence Platform (AIP) to help the bank proactively monitor and manage its servicing portfolio through the use of strategic, proactive 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."
The Black Knight AIP is a unified framework for delivering strategic, proactive and actionable analytics to the right people within an organization at the right time, so they know the right actions to initiate next. The AIP components used by KeyBank include Portfolio Insight Suite, which helps servicers proactively 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.
Because the company leverages multiple key offerings, KeyBank is now a Black Knight enterprise client. By gaining business process automation, workflow, rules, and integrated data throughout the loan process, Black Knight enterprise clients can help reduce risk, improve efficiency and drive financial performance.
MSP offers a single, comprehensive system used by financial institutions to service over 34 million active loans – more than any other in the mortgage industry. The scalable system, which helps clients manage all servicing processes – from payment processing to escrow administration, customer service, default management and more – can accommodate virtually any size portfolio, and includes award-winning 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."
KeyCorp was organized more than 190 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key 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 sophisticated 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. For more information, visit https://www.key.com. KeyBank is Member FDIC.
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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