For servicers to keep customers in their homes during times of financial hardship, Black Knight has added the Collections solution to its suite of solutions.
By streamlining qualified assistance options and making them more accessible to both homeowners and servicers, Black Knight’s Collections solutions aim to help prevent foreclosure and late-stage default.
In addition to integrating with Black Knight’s mortgage servicing system, the solution also incorporates the company’s self-service app and responsive website that enables borrowers to get information about loans, homes, and neighborhoods.
According to the firm, borrowers can access qualified assistance options through the integration. By using the call management capabilities feature, service providers are able to determine what repayment options work best for borrowers in order to quickly address delinquent payments and prevent defaults from occurring.
A web portal that offers access to APIs for clients, third-party providers, and developers is just one of several new products that Black Knight recently debuted to help lenders reach more borrowers. In a statement released at the time of the launch earlier this month, Black Knight said its APIs would allow clients to rapidly add functionality to their applications.
In order to maximize outreach to homeowners, Servicing Digital recently integrated its Surefire CRM, a marketing automation and content solution specifically designed for mortgages, with its digital servicing platform. Customers can access their loan- and home-related information via Servicing Digital, which is available as an app or web design.
Intercontinental Exchange (ICE) is preparing to acquire Black Knight. A definitive agreement to acquire the company was announced by ICE in May 2022.
Antitrust concerns have been raised by trade groups and investors about the deal. Chairwoman of the House Financial Services Committee Maxine Waters voiced her criticism of the deal most recently.
Waters wrote to the Federal Trade Commission (FTC) warning small lenders that rely on vendors for technology could suffer under a combined ICE and Black Knight.
In addition to modernizing the mortgage servicing platform, the merger will benefit U.S. homeowners and the industry as a whole. A third-quarter earnings call by ICE CEO Jeffrey Sprecher discussed the merger’s benefits to the mortgage industry, including lower costs per mortgage origination and the creation of new products.