Black Knight Financial Services made significant updates to LoanSphere MSP, its industry-leading loan servicing platform, to help clients meet Fannie Mae’s changes to the investor reporting process that went into effect February 1, 2017.
The changes eliminated the Single-Family mortgage-backed security (MBS) “call-in” requirement for monthly pool balance reporting, and changed the loan-level reporting for all loans, from a monthly to a daily reporting cycle, affecting over 11.5 million Fannie Mae loans being serviced on the MSP system for 61 financial institution clients.
Black Knight’s MSP servicing system is a complete, scalable, end-to-end system used by most of the nation’s largest financial institutions to manage all servicing processes on a single, comprehensive platform, including loan setup and maintenance, payment processing, escrow administration, investor reporting, regulatory requirements, default management and more.
To support the servicing system update, Black Knight developed a variety of educational resources and professional services, including:
- Documentation on the Call-in Elimination enhancement
- Information and checklists for pre-implementation, implementation, and migration activities
- Educational webinars and white papers
- Computer-based training courses
“Fannie Mae’s elimination of the MBS call-in requirement will simplify servicer policies and procedures, and the new investor reporting changes reflect industry-standard best practices for accurate and timely security balance processing,” said Joe Nackashi, President of Black Knight Servicing Technologies division.
LoanSphere is Black Knight’s end-to-end platform of integrated technology, data, and analytics supporting the mortgage and home equity loan lifecycle from origination to servicing to default.
The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings, and support for changing regulatory requirements.