Loss Mitigation (SM) is Black Knight’s comprehensive, end-to-end loss mitigation workflow and decision-making solution that supports industry-standard retention and liquidation workouts, as well as proprietary modification programs to support borrowers who encounter financial difficulties that impact their ability to make loan payments. This includes borrowers impacted by the COVID-19 pandemic and natural disasters, like hurricanes or wildfires.
Integrated with the Black Knight MSP mortgage loan servicing system and integrated document repository, Loss Mitigation provides a configurable decision engine, which includes eligibility criteria, waterfall hierarchy and calculations. The program also supports workflow and near real-time event management to provide a consistent application of the borrower assistance process. The solution uses advanced, question-and-answer-based workflows and automated decision-making capabilities to support servicers’ loss-mitigation programs. It makes it easier for them to streamline the decision-making process, reduce risk through built-in quality controls and help customers experiencing hardship to remain in their homes.