Pentagon Federal Credit Union, the second largest credit union in the U.S., has inked a deal for the MSP loan servicing system, default solutions and other applications from Black Knight.
The MSP system encompasses all aspects of servicing--from loan boarding to default-- for first mortgages and home-equity loans and lines of credit. Used to service more than 34 million active loans, the MSP system helps servicers increase operational efficiency, reduce operating costs and improve risk mitigation. In addition, Pentagon Federal will use several Black Knight default solutions, including loss mitigation, bankruptcy, foreclosure and invoicing.
Also, Pentagon Federal will use Black Knight's Servicing Digital platform, an interactive mobile application that will deliver detailed, timely and highly personalized loan information to members about the value of their homes and the amount of wealth that
"Black Knight's suite of servicing and default products will provide us with the technology we need to increase PenFed's operational efficiency, the scalability to easily accommodate growth, and the ability to support our commitment to meet compliance requirements," said Winston Wilkinson, executive vice president/president of mortgage banking for Pentagon Federal. "We are also excited to offer the Servicing Digital solution to our members for anytime, anywhere access to information and functionality that will enhance their experience."
In addition, Pentagon Federal will be using the Black Knight Expedite eSign and eDocument delivery services, which enable members to electronically view and sign data and documents. Also, the credit union has licensed Order Exchange, enabling servicers to streamline their product-ordering process.
To further support its servicing operations, Pentagon Federal will use the Black Knight Actionable Intelligence Platform to provide proactive intelligence that will benefit its servicing operation.
"Black Knight is proud to support Pentagon Federal's growing business using our comprehensive and innovative technology, data and analytics solutions for the company's servicing operations and to enhance member experience," said Black Knight chief executive officer Anthony Jabbour. "We continue to invest in our extensive solutions to offer the advanced features and functionality our clients need to deliver a premier consumer experience and support operational efficiency gains that can help them reduce overall costs."
