Lake Michigan Credit Union has completed the implementation of MSP, the loan servicing system from Black Knight. The solution encompasses all aspects of servicing--from loan boarding to when the loan is paid off--for first mortgages and home equity loans and lines of credit. MSP is used to service 34 million active loans and was designed to increase efficiency, reduce costs and improve risk mitigation.
Also, Lake Michigan Credit Union has deployed Black Knight's Actionable Intelligence Platform to provide proactive intelligence that will benefit its servicing operation. The Platform 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. For instance, an app makes it easy for members to check their mortgage balances.
"Our servicing portfolio has grown to $11 billion and 55,000 members, we want to retain servicing rights, so we thought it was time to upgrade to a more robust system,” said Eric Burgoon, chief lending officer of Lake Michigan Credit Union. “We made this decision because we wanted to stay on top of regulatory changes as well as automated features that allow us to send notices to members, for instance, on a specific date, so we never miss a date.”
"We are excited that Lake Michigan Credit Union has selected Black Knight to support its growing business. As a leading mortgage software provider, we've made significant investments to further innovate our servicing system, which offers our clients many compelling advantages to optimize their servicing operations and mitigate risk," said Joe Nackashi, president Lake Michigan Credit Union. "Integrating Black Knight's comprehensive analytics with our MSP technology will help Lake Michigan Credit Union prepare its business for the future of the mortgage industry."
