Mortgage subservicing firm LoanCare will implement the Black Knight Loss Mitigation solution to support payment assistance programs, Black Knight announced.
LoanCare also renewed its contract to continue using MSP, Black Knight’s loan servicing system.
Loss Mitigation, in combination with the MSP system, allows LoanCare to proactively help its clients’ customers who are having trouble making their mortgage payments. Customers can notify their servicer that they are unable to make a payment and view different forbearance plans and repayment options available to them.
The information is tracked in Loss Mitigation and alerts the servicer so they can begin proactive communications with the customer.