Regions Bank, one of the top 20 U.S. banks, renewed its agreement to use LoanSphere MSP on its first mortgage loans and will also be converting home equity loans and lines over to LoanSphere MSP.
MSP, an end-to-end mortgage and home equity loan servicing system, is part of Black Knight Financial Services’ LoanSphere platform. MSP manages workflow for loan boarding, payment processing, escrow, and default. Currently, MSP is used to service more than 30 million active loans, according to Jacksonville, Florida-based Black Knight.
“We look forward to providing an enhanced experience for our customers and increasing our operational efficiencies by servicing our home equity loans and lines on the same MSP platform as our first mortgages,” said Todd Chamberlain, EVP of Consumer Lending Support Services at Regions Bank.
The Birmingham, Alabama-based bank will also begin using LoanSphere’s Empower loan origination system to originate home equity loans.
“MSP’s integration with the Empower loan origination system offers us functionality and scalability through the entire loan lifecycle as we continue to grow both our originations and servicing portfolios,” Chamberlain said.
With the decision to use MSP and Empower for first mortgage and home equity loans, Black Knight designated Regions Bank a Black Knight Enterprise Client.
“Regions is a valued Enterprise customer, and we appreciate the opportunity to continue providing them with premier capabilities to support their growth and serve their customers,” said Joe Nackashi, President of Black Knight’s Servicing Technologies division. “As a leading fintech, we’re extremely proud that Black Knight’s ability to service first mortgages and home equity products on a single platform will help Regions Bank effectively manage its operations.”