Black Knight offers new servicer solutions to curb foreclosure, late-stage default

Black Knight recently added the Collections solutions to its suite of solutions as a way for servicers to keep customers in their homes during periods of financial hardship.

The Collections solutions are geared toward helping to prevent foreclosure and late-stage default by making qualified assistance options timelier and more accessible to both homeowners and servicers, Black Knight said on Thursday.

“By streamlining the process of engaging homeowners who may be facing financial hardship, [the solution] ultimately helps more of them stay in their homes,” the firm said in a release. 

The solution will integrate with its mortgage servicing system and Servicing Digital, which is Black Knight’s self-service app and responsive web solution that allows borrowers to access loan, home and neighborhood information. 

The integration allows borrowers to browse and select from qualified assistance options, according to the firm. The call management capabilities feature allows servicers to determine the best repayment options for borrowers to address delinquent payments quickly and avoid transitioning customers into default. 

Lenders are looking for ways to reach more borrowers, and Black Knight has rolled out several new products recently, including a web portal that offers access to application programming interfaces (APIs) for clients, third-party providers and developers. Clients can use Black Knight’s APIs to rapidly embed additional functionality within their applications, the firm said at the time of the launch earlier this month.

New features to increase outreach to homeowners include the integration of a digital servicing platform, Servicing Digital and its Surefire CRM, a mortgage-specific marketing automation and content solution. Servicing Digital, offered as an app or web design, enables customers to access their loan- and home-related information.

Black Knight is preparing to be acquired by Intercontinental Exchange (ICE). ICE announced in May 2022 that it had entered into a definitive agreement to acquire the firm. 

The deal is facing criticism due to antitrust concerns from trade groups and investors. The most recent criticism of the deal was voiced by House Financial Services Committee Chairwoman Maxine Waters. 

Waters sent a letter to the Federal Trade Commission (FTC) stating that a combined ICE and Black Knight could harm small lenders that rely on vendors for their technology needs.

ICE claims the merger will modernize the mortgage servicing platform and will be beneficial for U.S. homeowners and industry stakeholders. Black Knight’s upgraded stack will reduce cost per mortgage originations and create new products, ICE CEO and Chairman Jeffrey Sprecher said about the merger in its third quarter earnings call.