- Regions Bank has renewed its contract for MSP to service its mortgage loans, as well as its portfolio of home equity lines and loans, which are being converted to MSP from another servicing platform.
- MSP is a comprehensive, end-to-end loan servicing system that encompasses all aspects of servicing, from loan boarding to default, for first mortgages and home equity loans.
- Regions Bank also uses Black Knight’s Empower loan origination system to originate first mortgages and will use the Empower LOS functionality to originate home equity loans.
- Regions is a Black Knight enterprise client, a designation for clients that use the majority of the Black Knight LoanSphere platform.
JACKSONVILLE, Fla., May 03, 2017 (GLOBE NEWSWIRE) -- Black Knight Financial Services, Inc. (NYSE: BKFS ), a leading provider of technology, data and analytics to the mortgage industry, announced today that Regions Bank , one of the nation’s top 20 banks, has renewed its agreement to use LoanSphere MSP. Regions Bank currently services its first mortgages on MSP, but will be converting home equity loans and lines from another servicing platform onto MSP to help Regions consolidate servicing onto a single unified platform.
MSP, Black Knight’s premier mortgage and home equity loan servicing system, is used to service more than 30 million active loans for many of the nation’s largest financial institutions. Scalable to any size portfolio, MSP is used by leading servicers to manage loan boarding, payment processing, escrow administration, default management and it has been enhanced to support current regulatory requirements.
Regions Bank also uses Black Knight’s LoanSphere Empower loan origination system (LOS), a fully configurable, flexible and scalable platform that is seamlessly integrated with the MSP system for end-to-end functionality from origination through servicing and default. Regions Bank will use the Empower LOS functionality to originate home equity loans, as well. As a result of the bank’s use of these two platforms, along with additional Black Knight solutions, Regions Bank has been designated a Black Knight Enterprise Client.
“We look forward to providing an enhanced experience for our customers and increasing our operational efficiencies by servicing our home equity loans and lines on the same MSP platform as our first mortgages,” said Todd Chamberlain, executive vice president, Consumer Lending Support Services at Regions Bank. “MSP’s integration with the Empower loan origination system offers us functionality and scalability through the entire loan lifecycle as we continue to grow both our originations and servicing portfolios.”
“Regions is a valued Enterprise customer, and we appreciate the opportunity to continue providing them with premier capabilities to support their growth and serve their customers,” said Joe Nackashi, president of Black Knight’s Servicing Technologies division. “As a leading fintech, we’re extremely proud that Black Knight’s ability to service first mortgages and home equity products on a single platform will help Regions Bank effectively manage its operations.”
About Regions Financial Corporation Regions Financial Corporation (NYSE: RF ), with $125 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,500 banking offices and 1,900 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com .
About LoanSphere 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.
Clients that use multiple LoanSphere offerings, such as Empower and/or LendingSpace; Exchange, Quality Insight or Closing Insight; and MSP, are considered Black Knight Enterprise clients and can realize exponential value from the integration of these technologies, as well as the utilization of Black Knight’s comprehensive data and analytics.
About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS ) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight Financial Services, please visit www.bkfs.com .
For more information: Michelle Kersch Black Knight Financial Services 904.854.5043 michelle.kersch@bkfs.com
