Bank signs 7-year MSP renewal, adds Black Knight’s suite of servicing analytics
JACKSONVILLE, Fla., Jan. 18, 2019 /PRNewswire/ —
- Commerce Bank, a Black Knight client for 30 years, will convert its home equity portfolio onto MSP to manage all of its real estate-secured loans on a single platform
- MSP is used to service over 34 million active loans and supports both first mortgages and home equity products on one unified system
- The bank is also using several strategic and proactive analytics solutions from Black Knight’s new Actionable Intelligence Platform to drive the right information to the right people across an organization
Black Knight, Inc. (NYSE: BKI) announced today that Commerce Bank, a large regional bank operating in approximately 330 locations in the central United States, will convert its home equity lending portfolio to Black Knight’s MSP servicing system to take advantage of the savings and efficiencies offered by servicing all real estate-secured loans on a single unified platform. Commerce Bank, which has used the MSP system to service its first mortgages for 30 years, extended its agreement with Black Knight for seven more years to support both first mortgages and home equity loans and lines of credit on MSP.
“Black Knight’s MSP system has served as the technology power behind Commerce Bank’s first mortgage servicing business for decades, so it made sense for us to look at converting our home equity portfolio onto the system as well,” said Jeff Gerner, senior vice president at Commerce Bank. “Using a single, integrated servicing platform for both first mortgages and home equity products will allow us to focus on providing value to our customers, while creating operational efficiencies to help lower costs.”
Commerce Bank is also using several servicing-focused analytics from Black Knight’s new Actionable Intelligence Platform (AIP). The AIP delivers strategic, proactive and actionable analytics to the right people across an organization at the right time, so they know what action to take next.
MSP offers a robust and scalable end-to-end loan servicing system that helps clients manage all servicing processes – from payment processing and escrow administration, to customer service, default management and more. The system can accommodate virtually any size portfolio, and includes award-winning client support. Used to service more than 34 million active loans across the U.S., MSP helps servicers increase operational efficiency, reduce operating costs and improve risk mitigation.
“We are delighted that Commerce Bank is extending our long-term relationship by leveraging the significant advantages of combining first mortgage and home equity servicing platforms onto MSP,” said Joe Nackashi, president of Black Knight. “Our advanced and innovative technology, robust data and actionable analytics will help deliver the results Commerce Bank needs to optimize performance and keep expanding its business.”
About Commerce Bank
Commerce Bank, is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $25.1 billion regional bank holding company, as of September 30, 2018. For more than 150 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a full range of financial products to consumer and commercial customers, including personal banking, lending, mortgage banking, wealth management, brokerage and capital markets services. Commerce operates in approximately 330 locations in the central United States and has a nationwide presence in the commercial payments industry.
For additional information, please visit www.commercebank.com.
About Black Knight
Black Knight (NYSE: BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.blackknightinc.com.
SOURCE Black Knight, Inc.