Published on November 21st, 2022 📆 | 3445 Views ⚑0
Colonial Incorporates Black Knight Technology into Servicing Ecosystem
Colonial Savings F.A., a national, multi-service financial institution headquartered in Texas, has signed a contract to use Black Knight Inc.’s ecosystem of servicing capabilities, including the MSP loan servicing system.
“Black Knight is a proven market leader with highly regarded solutions and a track record of delivering on their promise of new innovation,” says Tim Neer, senior vice president at Colonial. “By trusting our servicing portfolio to Black Knight’s technology, we gain a new level of assurance at Colonial – one only Black Knight can provide.”
At the core of Black Knight’s servicing ecosystem is MSP, a comprehensive, end-to-end loan servicing system that supports all aspects of servicing, from loan boarding to default. Using MSP and Black Knight’s integrated servicing solutions will not only help Colonial enhance the customer experience, but it will also help the company realize greater operational efficiencies and manage regulatory compliance.
Servicing Digital, an interactive, consumer-facing web and mobile solution, gives homeowners easy access to customized, timely information about their mortgage and home. This application supports consumer relationships and engagement by enabling customers to make mortgage payments and explore opportunities for refinancing and more – all from the convenience of the web or a mobile device.
Colonial will also use Customer Service, which gives support representatives access to detailed, holistic and timely information at the point of customer contact. The solution presents loan, home and neighborhood information through an intuitive, easy-to-use graphical interface.
Colonial will use Loss Mitigation, a web-based solution that supports retention, collections and liquidation workouts, to support customers experiencing hardship, with the objective of helping them remain in their home. Loss Mitigation leverages advanced rules and logic to guide users through processes step-by-step, including validation points throughout the workflow, to reduce missed steps and overlooked information.
“By choosing Black Knight’s suite of customer-first solutions, Colonial will be well positioned to deliver the self-service capabilities today’s consumers expect, which can result in higher retention rates and business growth,” says Joe Nackashi, CEO of Black Knight. “They selected us for the innovations we deliver, and it’s our privilege to continue bringing the latest capabilities to Colonial – and all of our servicing clients.”