7 Servicing Chooses the MSP Servicing System to Support Growth and Member Experience as it Transitions to Servicing ORNL Federal Credit Union and 7 Mortgage Portfolios
Today, Black Knight, Inc. (NYSE: BKI) announced that 7 Servicing, a credit union service organization based in Knoxville, Tennessee, has signed a contract to use the MSP loan servicing system. MSP is Black Knight's comprehensive, end-to-end loan system that supports all aspects of servicing, from loan boarding to default. With the addition of MSP and Black Knight's integrated servicing solutions, 7 Servicing will transfer the servicing of the growing ORNL Federal Credit Union and 7 Mortgage servicing portfolios from a subservicer to the 7 Servicing team, while providing a superior experience to its members. 7 Servicing and 7 Mortgage are owned by parent company, 7, LLC.
"Everything we do at 7, LLC ties to our core operating principles, which focus on providing the best possible experience to our members," said Chris Boler, president and CEO, 7, LLC. "Our decision to begin servicing our portfolio on MSP is an investment in our current and future members. We recognize how important it is to offer them convenient, self-service tools so they can spend less time managing their loan, and more time enjoying their home."
7 Servicing will also add Black Knight's suite of default solutions to help reduce cycle times, decrease operating costs and improve efficiencies when servicing nonperforming loans. This includes Loss Mitigation, a feature-rich, web-based solution that supports industry-standard retention, collections and liquidation workouts to help improve operations and mitigate risk. Loss Mitigation leverages advanced rules and logic to guide users through processes step-by-step, including validation points throughout the workflow, to help reduce missed steps and overlooked information.
In addition, 7 Servicing is incorporating Servicing Digital, an interactive, self-service web and mobile solution that provides easy access to customized, timely information about a member's mortgage and home. This powerful application supports deeper relationships and engagement by giving members tools to make mortgage payments and explore opportunities for refinancing and more -- all from the convenience of the web or a mobile device.
7 Servicing is also taking advantage of several servicing-focused data and analytics solutions from Black Knight, including the Actionable Intelligence Platform, which delivers strategic, proactive and actionable analytics to the right people across an organization at the right time, so they know which action to take next. Additionally, the organization will use McDash industry reports to provide delinquency and prepayment overviews, roll rates and state-level mortgage performance data to support benchmarking and analysis, portfolio management and strategy development; Lien Alert to monitor portfolio loans in near-real time and receive alerts on critical indicators that could impact their business, such as ownership changes, new loans recorded, ARM resets and more; and Quarterly Portfolio Analysis, which provides quarterly updates on lien position changes, additional liens, ownership changes and estimated LTV for risk analysis and portfolio valuation.
"We are honored that 7 Servicing has selected MSP for the benefits the system can bring to its business and credit union members," said Joe Nackashi, CEO, Black Knight. "As 7 Servicing transitions their servicing portfolio in-house from subservicing, they can count on Black Knight to provide superior support while continuously innovating and investing in solutions that help them enhance member relationships."