Cenlar FSB, a New Jersey residential mortgage subservicer, has signed a five-year renewal agreement with Jacksonville-based Black Knight Financial Services Inc. for Black Knight's LoanSphere MSP loan servicing system.
Cenlar has been using MSP, a scalable end-to-end solution deployed by financial institutions to manage their servicing of loans and processes that include setup, maintenance, escrow administration, investor reporting, regulatory requirements and other procedures, for 30 years, Black Knight said in a release.
"As a longstanding client, we knew MSP offered robust, best-in-class servicing capabilities to support our growth, improve our efficiencies and help identify risk," Michael Blair, Cenlar's executive vice president and director of loan administration, said in the release. "Other factors in our decision to renew the MSP contract included the system's scalability to easily accommodate the ongoing expansion of Cenlar's loan portfolio; Cenlar's ability to service both first mortgages and home equity lines and loans on a single platform; and its proven effectiveness at managing our loan servicing tasks while supporting our current and evolving regulatory requirements."
Cenlar will also begin using Lien Alert, a solution that is integrated with MSP, under the new agreement, the release said. Lien Alert will automatically send notifications to Cenlar about events such as tax delinquency, foreclosure/default activity, bankruptcy, changes in valuation and ARM reset, the release said.
"Black Knight is proud to continue its decades-long business relationship with Cenlar, and offer the innovative capabilities their organization needs to support Cenlar's growth," Joe Nackashi, president of Black Knight's servicing technologies division, said in the release.
Black Knight is a leading provider of integrated technology for data and analytics in the mortgage and real estate industries, the release said.