Msp Mortgage Servicing System User Manual

Platform

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MSP’s broad-based functionality supports home equity loans and lines of credit, as well as first mortgages on the same system. This provides a significant advantage over maintaining separate servicing systems for mortgage and consumer loan. Ocwen Financial Corp. Will move its servicing portfolio to Black Knight's LoanSphere MSP system of record, following years of regulatory scrutiny of its existing technology provided by Altisource Portfolio Solutions.

MORTGAGE TECH PRODUCT SHOWCASE

Manual

Black Knight’s comprehensive LoanSphere Empower loan origination system (LOS) provides the functionality and scalability lenders need to support every facet of the origination process — from lead generation, processing and underwriting, to funding and post-closing — for retail, wholesale and consumer-direct lending channels.

System enhancements have been implemented over the years to support clients with compliance, improved workflow and business intelligence. Earlier this year, Black Knight introduced Empower Now!, offering a unique approach for implementing Empower.

“Empower Now! enables mid-market lenders, including regional banks, credit unions and independent mortgage bankers, to leverage many of Empower’s robust capabilities, but with a significantly faster implementation timeline, as well as decreased maintenance costs,” said Rich Gagliano, president of Black Knight’s Origination Technologies division.

The LOS is a critical component of Black Knight’s LoanSphere platform, offering integrated technology, data and analytics to support the entire mortgage and home equity loan lifecycle.

Software User Manual

Empower features integrated digital technology and e-lending capabilities and direct access to Black Knight’s enterprise business intelligence technology and is also integrated with Black Knight’s industry-leading LoanSphere MSP servicing system. The combination of these technologies can help lenders become more efficient, increase profitability and provide better customer services to borrowers.

The system can be self-hosted or hosted by Black Knight and features product and pricing capabilities; a robust, automated workflow and task-tracking orchestration engine; an array of standard interfaces and a Web API to support the next generation of digital services.

Msp Mortgage Servicing System User Manual

“No other LOS on the market offers Empower’s seamless integration of systems and services across the complete loan lifecycle to create a ‘virtual loan’ process that supports secure, controlled and accurate loan originations,” Gagliano continued.

With underwriting requirements growing more complex, Empower offers the functionality to support product validation, investor guidelines, stipulation entry and tracking, counteroffers and approval escalations.

To further support lender compliance, Empower is integrated with LoanSphere Quality Insight, which helps lenders automate internal quality control reviews and validates pre-funding and post-closing data. Empower’s integration with LoanSphere Closing Insight helps lenders collect and refine loan fees and its orchestration engine generates and tracks disclosure document delivery within mandated timelines.

Servicing

Using Empower’s advanced RESTful Web API framework, loan officers and consumers can view, add, update or check Empower data from smartphones, tablets, laptops or other internet-enabled devices, without directly accessing the LOS. Using the system’s convenient eDelivery and eSign solutions, lenders can deliver documents and gain consent more quickly to speed up the loan process.

According to Black Knight CEO Tom Sanzone, “Empower’s sophisticated capabilities can help lenders address the significant rise in origination costs, mitigate the potential for severe regulatory penalties and respond to increasing consumer demand for a digital user experience.”

Lender Processing Services Inc. (LPS) has announced that AmeriFirst Home Mortgage completed the implementation of LPS' MSP, the industry's leading mortgage and consumer loan servicing platform. MSP is a single, comprehensive system used by financial institutions to manage all servicing processes, including loan boarding, payment processing and escrow administration, giving servicers a fully integrated system to meet mortgage and consumer lending servicing needs for any size portfolio.
AmeriFirst Home Mortgage's conversion of residential mortgage loans onto the MSP platform will offer greater functionality compared to the mortgage banker's current system of record, help reduce operational costs and offer greater revenue opportunities for its expanding company.
'We were looking for a technology solution that provided more robust servicing capabilities to support our growth initiatives, while still helping us manage our operating expenses,' said Mark Jones, president and co-founder of AmeriFirst Home Mortgage, a full-service community mortgage bank with a presence in 11 states. 'We also needed a proven servicing system to help keep us in compliance with increased regulatory changes and federal requirements, as well as ensuring that our internal processes are secure. LPS offered the complete package.'
As part of AmeriFirst Home Mortgage's MSP implementation, one of the key advantages LPS will offer are dedicated teams assigned to support the bank's compliance efforts by helping to ensure that MSP is up-to-date with current regulatory changes and federal requirements. Another benefit AmeriFirst Home Mortgage will receive is customer support through PowerCell, LPS' award-winning contact support network. PowerCell is committed to AmeriFirst's operational success with MSP and offers the availability of technical, application and operational assistance 24/7 to ensure issues are addressed and resolved quickly to the mortgage bank's satisfaction.
'We are pleased AmeriFirst Home Mortgage has chosen LPS' industry-leading technology and services to meet the evolving needs of its growing and successful business,' said Robert Davis, executive vice president of sales and account management for LPS' Servicing Solutions and Technology division. 'We are committed to providing AmeriFirst Home Mortgage with the dynamic, innovative technology and collaborative support needed to face the challenges and opportunities ahead.'

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