Black Knight, Inc. has introduced two technology solutions designed to help mortgage servicers manage the impact of natural disasters, the company announced.
Black Knight said it has enhanced its MSP servicing system with Disaster Tracking functionality that enables users to create identifiers that specify the states, counties or ZIP codes for particular FEMA disaster areas. The MSP Disaster Tracking enhancement then reviews the client’s portfolio to place the appropriate identifier on any loans within the designated disaster areas.
Black Knight said this will help customer service representatives, collection personnel or anyone interacting with that loan on MSP to identify the borrower as someone impacted by a disaster, so that appropriate actions can be taken.
Black Knight also launched a new Disaster Management analytic within its Actionable Intelligence Platform. The company said this analytic eliminates the need for servicers to go to the FEMA website to locate natural disaster information and manually build identifiers in MSP.
After receiving an automatic feed from FEMA that specifies which areas are impacted by a natural disaster, the Disaster Management analytic combines that information with Black Knight’s nationwide property data and servicing records to systematically review a servicer’s portfolio and tag a servicer’s loans in affected areas.
“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 in a release. “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.”