Cenlar FSB, which just picked up quite a bit of mortgage servicing from CitiMortgage, will continue using Black Knight Financial Services systems thanks to a new five-year deal, the companies announced this week.
According to information from Black Knight, under the terms of the deal, Cenlar will continue its use of LoanSphere MSP, Black Knight's loan servicing system, for an five more years.
“As a longstanding client, we knew MSP offered robust, best-in-class servicing capabilities to support our growth, improve our efficiencies and help identify risk,” said Michael Blair, Cenlar FSB's executive vice president and director of loan administration.
“Other factors in our decision to renew the MSP contract included the system's scalability to easily accommodate the ongoing expansion of Cenlar's loan portfolio; Cenlar's ability to service both first mortgages and home equity lines and loans on a single platform; and its proven effectiveness at managing our loan servicing tasks while supporting our current and evolving regulatory requirements,” Blair added.
As part of the new deal, Cenlar will also begin use of Black Knight’s Lien Alert, which automatically send notifications when a key lien-related indicator is triggered – such as tax delinquency, foreclosure/default activity, bankruptcy, changes in valuation and ARM reset.
“Black Knight is proud to continue its decades-long business relationship with Cenlar, and offer the innovative capabilities their organization needs to support Cenlar's growth” said Joe Nackashi, president of Black Knight's servicing technologies division.