Black Knight, Inc. (NYSE: BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced today that Ocwen Financial Corporation has converted more than 1 million customer loans to the Black Knight MSP loan servicing system. MSP offers a single, comprehensive system used by financial institutions to service 35 million active loans – more than any other in the mortgage industry. Ocwen is also using Black Knight’s default solutions to support its bankruptcy and foreclosure business.
“Converting our customers to this industry-leading servicing system reinforces Ocwen’s commitment to providing exceptional service to its customers,” said Scott Anderson, executive vice president and chief servicing officer, Ocwen Financial Corporation. “We were pleased that our months of careful planning and preparation, training, testing and customer outreach resulted in a successful conversion.”
Ocwen Financial Corporation will use the MSP system to service both first mortgage and home equity products on the same platform under its PHH Mortgage Corporation brand. The scalable system helps clients manage all servicing processes — from payment processing to escrow administration, customer service, default management and more — and can accommodate virtually any size portfolio. The MSP system, as well as all of Black Knight’s solutions, adheres to a best-in-class compliance discipline to help support clients’ regulatory requirements and is supported by teams dedicated to helping clients through implementation and deployment and providing premier client support.
“We know Ocwen carefully reviewed other technology providers before making its decision, and we are pleased that Black Knight and our MSP system were selected for superior servicing support and our relentless commitment to support servicer compliance,” said Joe Nackashi, president of Black Knight, Inc. “As part of the Black Knight family, Ocwen will benefit from the expertise of our highly skilled team, unmatched technology, significant investments in our systems and continual focus on delivering innovative solutions. We are proud to have worked together to complete this implementation in the established timeframe, and we look forward to expanding our relationship with Ocwen with other leading solutions.”