Black Knight Financial Services, Inc. has made significant updates to LoanSphere MSP, its loan servicing platform, to help clients meet Fannie Mae’s changes to the investor reporting process that went into effect Feb. 1, 2017. The changes eliminated the Single-Family mortgage-backed security (MBS) “call-in” requirement for monthly pool balance reporting, and changed the loan-level reporting for all loans from a monthly to a daily reporting cycle, according to the company’s press release.
Fannie Mae’s updates to its investor reporting process also included changes to loan activity report timing and delivery. The investor reporting changes affected more than 11.5 million Fannie Mae loans being serviced on the MSP system for 61 financial institution clients.
Black Knight worked with its clients to test the new MSP Call-in Elimination enhancement, which went into production by the effective date of the new rule, the release said.
To support this major servicing system update, Black Knight developed a variety of educational resources and professional services offerings to help servicers prepare for MSP’s new functionality, which include:
• Documentation on the Call-in Elimination enhancement;
• Information and checklists for pre-implementation, implementation and migration activities;
• Educational webinars and white papers; and
• Computer-based training courses.
“Fannie Mae’s elimination of the MBS call-in requirement will simplify servicer policies and procedures, and the new investor reporting changes reflect industry-standard best practices for accurate and timely security balance processing,” Black Knight Serving Technologies Division President Joe Nackashi said in the release. “Black Knight continues to support innovation through sizable investments in the MSP servicing system and to use our leading fintech capabilities to help our servicer clients save time and effort, while supporting their efforts to stay compliant.”