Bank of America Returning to Black Knight Servicing System (LPS)
Bank of America will move its mortgage servicing back onto Black Knight Financial Services’ LoanSphere MSP servicing system of record.
The Charlotte, N.C., bank signed an agreement with the Jacksonville, Fla., mortgage-technology company on June 3 to service first and second mortgages, according to a Black Knight regulatory disclosure filed Monday.
B of A used to service its mortgages with MSP when the system was managed by Black Knight’s predecessor, Lender Processing Services. But after acquiring Countrywide in 2008, the bank moved its roughly 4 million loans to Countrywide’s proprietary technology.