Guaranty Bank, a full-service retail bank, has inked a five-year agreement with Black Knight Financial Services to use its mortgage and consumer loan servicing platform called MSP system to service its expanding servicing portfolio.
Recently, the lender converted 25,000 residential mortgage loans onto the MSP system.
Designed as a single and comprehensive system, the MSP enables financial institutions to manage all servicing processes, including loan boarding, escrow administration, and investor reporting, among others.
MSP’s scalability can enable servicers to meet all mortgage and consumer loan servicing requirements for a portfolio of any size.
Black Knight noted that Guaranty Bank’s conversion of its residential mortgage loans onto the MSP platform will provide the mortgage banker more system functionality, as well as improved support to meet federal regulatory requirements.
Furthermore, the lender has deployed two Black Knight technologies that integrate with MSP: Electronic Loan Interface, for automating the loan setup process; and Customer CareNet, for offering an online portal for its borrowers to use for instant access to their mortgage information.
Guaranty Bank loan servicing manager senior vice president Steve Petersen said that by converting the bank’s loans to MSP, the firm has gained both a technology provider to help the lender meet its compliance initiatives, and a knowledgeable partner to provide technical, application and operational assistance to enhance internal processes effectively.