Commerce Bank, a Midwest-based regional bank, will migrate its home-equity loan portfolio to Black Knight's MSP servicing system. The decision was made to take advantage of the savings and efficiencies gained when loans are serviced on one platform.
Commerce Bank, which has used the MSP system to service its first mortgages for 30 years, extended the agreement for seven more years to include first mortgages, home equity loans, and lines of credit.
"Black Knight's MSP system has served as the technology power behind Commerce Bank's first mortgage servicing business for decades, so it made sense for us to look at converting our home equity portfolio onto the system as well," said Jeff Gerner, senior vice president at Commerce Bank. "Using a single, integrated servicing platform both first mortgages and home equity products will allow us to focus on providing value to our customers, while creating operational efficiencies to help lower costs."
Also, Commerce Bank is using several servicing-focused analytics from Black Knight's new Actionable Intelligence Platform. The AIP delivers strategic, proactive and actionable analytics to the right people across an organization at the right time, so they know what action to take next.
MSP offers a robust and scalable end-to-end loan servicing system that helps clients manage all servicing processes, from payment processing and escrow administration, to customer service, default management and more. The system is scalable and includes experienced client support. Used to service more than 34 million active loans across the U.S. MSP helps servicers to increase operational efficiency, reduce operating costs and improve risk mitigation.
"We are delighted that Commerce Bank is extending our long-term relationship by leveraging the significant advantages of combining first mortgage and home equity servicing platforms onto MSP," said Joe Nackashi, president of Black Knight. "Our advanced and innovative technology, robust data and actionable analytics will help deliver the results Commerce Bank needs to optimize performance and keep expanding its business."