01/21/2020 | Press release | Distributed by Public on 01/21/2020 08:34
JACKSONVILLE, Fla. - Jan. 21, 2020 - Black Knight, Inc. (NYSE:BKI) announced today that Midwest Loan Services, a division of University Bancorp, Inc. (OTCQB:UNIB) that provides private-label mortgage subservicing to over 390 community banks and credit unions throughout the United States, has signed a 7-year contract to use Black Knight's MSP servicing system, as well as Black Knight's Servicing Digital product, Actionable Intelligence Platform (AIP), and several solutions to support the subservicer's default operations.
'As a best-in-class residential mortgage subservicer, we wanted to work with a premier technology provider that would help our subservicing partners achieve their goals,' said Peter T. Sorce, CMB, President and CEO, Midwest Loan Services. 'After much due diligence, we selected Black Knight because of its innovative technology, continual investments in its system and ability to help our subservicing partners deliver the best experience to their residential loan borrowers.'
Black Knight's MSP servicing system offers robust and scalable end-to-end functionality to help mortgage servicers manage all aspects of their servicing operations - including payment processing, escrow administration, customer service and default management. The system's proven technology can accommodate any size portfolio from 7,000 to more than 9 million loans and supports both first mortgages and home equity loans. MSP helps servicers, such as Midwest Loan Services and its subservicing partners, increase efficiency, reduce operating costs and improve risk mitigation for more than 34 million active loans serviced on the system.
Midwest Loan Services will also use the Black Knight Servicing Digital solution, a consumer-centric, responsive web and mobile solution that delivers borrowers fast, around-the-clock access to detailed, timely and highly personalized home and loan information that is relevant and easy to understand. The powerful solution also provides 'what-if' simulators and tools to show how wealth can be built from these real estate assets. Servicing Digital gives servicers a platform for continual engagement with their customers to build stronger relationships.
In addition, Midwest Loan Services will be using components of the Black Knight AIP to help its servicer clients leverage strategic, proactive analytics. The Black Knight AIP is a unified framework for delivering actionable analytics to the right people within an organization at the right time, so they know the right actions to initiate next. Midwest Loan Services will also use several Black Knight default solutions - including Loss Mitigation, Foreclosure/Bankruptcy and Invoicing - to help its subservicing partners improve the overall efficiency of their default operation processes and improve risk management.
'MSP is known for its proven capabilities to help servicers of all sizes manage their operations,' said Black Knight President Joe Nackashi. 'We are committed to advancing MSP and offering leading-edge solutions to support the needs of the evolving market so Midwest Loan Services and all our clients can improve operational efficiencies, support compliance and enhance the customer experience.'
About Midwest Loan Services, a division of University Bancorp, Inc.
Founded in 1992, Midwest Loan Services provides private-label mortgage subservicing to community lenders throughout the United States. Midwest's unique service approach and industry-leading technologies help institutions retain borrowers, reduce costs and ensure regulatory and operational compliance. Offering extensive private-label options that include phone and Web interactions, plus friendly and responsive service, Midwest Loan Services enables community lenders to extend their brand consistently and cost-effectively. Midwest is known for friendly, responsive service and industry-leading technology that help lenders retain customers, reduce costs and ensure regulatory and operational compliance. Midwest's mortgage customers have 14x fewer complaints than the industry average according to the Consumer Financial Protection Bureau's complaint database.
The American Bankers Association, through its Corporation for American Banking subsidiary, has endorsed University Bank's subsidiary, Midwest Loan Services, to provide residential mortgage subservicing services to member banks and their borrowers nationwide.
Houghton, Michigan-based Midwest Loan Services is a subsidiary of Ann Arbor, Michigan-based University Bank and its parent University Bancorp, which is a bank holding company listed on the OTCQB Stock Exchange under symbol UNIB. To learn more visit https://www.midwestloanservices.com.
About University Bancorp, Inc.
Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its Michigan-based subsidiaries, holds and manages a total of over $24 billion in loans and assets and our 473 employees make us the 5th largest bank based in Michigan. Founded in 1890, University Bank® is the 15th oldest bank headquartered in Michigan. We are proud to have been selected as the 'Community Bankers of the Year' by American Banker magazine and as the recipient of the American Bankers Association's Community Bank Award. University Bank is a Member FDIC and an Equal Housing Lender. The operating subsidiaries of University Bank which are members of our corporate family, ranked by their size of revenues are:
Shareholders and investors are encouraged to refer to the financial information including the audited financial statements, Company strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/.
For more information on Midwest Loan Services or University Bancorp, please contact:
Stephen Lange Ranzini, President and CEO;
Phone: 734-741-5858, Ext. 9226;
Email: [email protected].
About Black Knight, Inc.
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.