Florida-based Black Knight [1] announced that Navy Federal Credit Union [2], which serves more than 10 million members globally and is the world's largest credit union, has extended its contract to use Black Knight's industry-leading mortgage servicing platform (MSP) system.
MSP is used by financial institutions to service approximately 36 million active loans—according to Black Knight, that's more than any other in the mortgage industry. The scalable system, which helps Navy Federal manage all mortgage servicing processes, can accommodate virtually any size portfolio and includes award-winning client support services.
Additionally, the credit union will begin to offer Black Knight's Servicing Digital solution to its members. Servicing Digital delivers detailed, timely, and highly personalized loan information about the value of members' homes and how much wealth can be built from these real estate assets. Servicing Digital can help deepen relationships and increase satisfaction by giving clients' customers easy, round-the-clock access to home and loan information; providing the ability to make mortgage payments online; and presenting opportunities for refinancing, taking out a home equity loan, or purchasing another home. The solution is available anytime, anywhere online, and via mobile devices.
Servicing Digital enables homeowners to easily perform tasks and view information related to their mortgages through a simple, user-friendly interface while providing a platform for continual engagement between servicers and their customers, Black Knight reports. The innovative, consumer-centric solution delivers useful information specific to an individual's mortgage, property and local housing market by accessing the servicer's data through Black Knight's comprehensive, end-to-end MSP system, as well as the company's industry-leading property records database, advanced analytics, and automated valuation models. Navy Federal will use the responsive web design version of Servicing Digital, which is also available as a native mobile app.
"Black Knight is honored that Navy Federal has chosen to extend our longstanding, collaborative relationship of more than 40 years by not only renewing its use of the MSP system, but also enhancing its member experience with advanced digital capabilities," said Joe Nackashi, President of Black Knight. "We look forward to continuing to support Navy Federal with innovative solutions to help fulfill its mission as the most trusted and preferred financial institution serving members of the military and their families."