Firm will use MSP to service both first mortgages and home equity products
Black Knight has announced that Ocwen Financial Corporation has converted over one million customer loans to its mortgage servicing platform (MSP).
Ocwen Financial said it will use the platform to service both first mortgage and home equity products under its PHH Mortgage Corporation brand. Black Knight’s scalable system allows clients to oversee all servicing processes – including payment processing, escrow administration, customer service, and default management.
"We know Ocwen carefully reviewed other technology providers before making its decision, and we are pleased that Black Knight and our MSP system were selected for superior servicing support and our relentless commitment to support servicer compliance," Black Knight President Joe Nackashi said. "As part of the Black Knight family, Ocwen will benefit from the expertise of our highly skilled team, unmatched technology, [and] significant investments in our systems and continual focus on delivering innovative solutions."
Aside from the platform, which services 35 million active mortgage loans, Ocwen also uses Black Knight’s default products to support its bankruptcy and foreclosure business.
"Converting our customers to this industry-leading servicing system reinforces Ocwen's commitment to providing exceptional service to its customers," said Scott Anderson, executive vice president and chief servicing officer at Ocwen Financial. "We were pleased that our months of careful planning and preparation, training, testing and customer outreach resulted in a successful conversion."
