Residential loan servicers have been adopting new mortgage servicing systems, while a default servicing tool has been enhanced to meet an agency policy change.
myCUmortgage signed a seven-year contract to utilize LoanSphere mortgage servicing platform,
Black Knight Financial Services Inc. recently announced.
The Beavercreek, Ohio-based credit union service organization, which is owned by Wright Patt Credit Union, made the move after bringing its servicing in-house.
Also signing on for LoanSphere was PNC Bank, N.A., which is
consolidating its technology onto one servicing platform for mortgages, home-equity loans and home-equity lines of credit.
PNC’s HELs and HELOCs will be added to the system over the next year, while a seven-year contract extension was signed for its mortgages.
Black Knight reportedly has a 20-year relationship with PNC.
Jacksonville, Florida-based Black Knight said in January that it successfully completed year-end loan processing for its 65 servicing clients
by Jan. 1. The clients collectively handle 44 million loans.
Fannie Mae updated its
servicing Management Default Underwriter tool, an announcement late last year said.
The update supports a previously announced policy change that helps servicers provide foreclosure prevention help to additional borrowers.
“By making this change, Fannie Mae will save its servicers the time, expense and complexity of implementing it on their own,” the secondary lender said.
The single-point-of-contact process at PHH Mortgage has has been automated with nGage. Hundreds of rules and processes are reportedly automated through the enhancement.
Savana Inc. is the developer of nGage.
