Servicers can also track affected loans and their impact on their portfolios
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Black Knight has rolled out a Disaster Tracking and Disaster Management Analytic to help mortgage servicers identify impacted borrowers when disaster strikes.
Mortgage borrowers located in an eligible disaster area are eligible for Fannie Mae and Freddie Mac’s disaster policies. Servicers are required to suspend the mortgage payments for borrowers living in these Federal Emergency Management Agency-declared areas for six to 12 months to help them get back on their feet.
Black Knight’s new Disaster Tracking functionality lets users create identifiers that specify the states, counties or zip codes for particular FEMA disaster areas to streamline the process of looking for impacted borrowers at a loan level.
Additionally, it reviews the client’s portfolio and tags a borrower as someone damaged by a disaster, as well as provides details about impacted investors and the overall number of affected loans.
Servicers can also use the Disaster Management analytic to directly locate natural disaster information and build identifiers in Black Knight’s MSP servicing system. The enhancement gives an overview of the disaster’s impact on their portfolios and sends notifications to customers.
"Each year, servicers know some portion of their customers will likely face a hurricane, flood, tornado, wildfire or other natural disaster," Black Knight President Joe Nackashi said. "Black Knight understands the massive operational challenge this represents, and that's why we've introduced these two new solutions. This natural disaster support will make it significantly faster and easier for servicers to identify impacted customers, so they can begin proactive outreach and stay compliant with investor requirements."
