Florida-based Black Knight, Inc. [1] announced that Fannie Mae [2] has signed an agreement to continue its use of the Default Management Reporting System (DMRS). Developed by Fannie Mae and Black Knight, DMRS provides an online tool where servicers and the attorney firms they work with can report foreclosure and bankruptcy milestone events that occur on Fannie Mae loans.
The tool is designed to make processes more efficient through the standardization of industry terminology, data transparency, and a reduction in investor data requests.
The DMRS technology aggregates and links servicer and attorney data, then evaluates it to identify process and timeline discrepancies. Servicers and attorneys are notified of any discrepancies, so they can take appropriate corrective action. This centralized data-reporting tool is used throughout the bankruptcy and foreclosure process, and offers an easy-to-use interface for data submission and monitoring.
DMRS is integrated with Black Knight’s industry-leading LoanSphere MSP servicing system as well as the company’s LoanSphere Bankruptcy and LoanSphere Foreclosure applications, which leverage workflow, automation and servicer-defined rules to streamline default servicing processes. DMRS also supports other loan servicing platforms, providing all servicers with easy access to the tool.
“Black Knight is pleased to support Fannie Mae’s initiatives to provide servicers with a streamlined reporting process and greater efficiencies via an innovative, accessible solution,” said Joe Nackashi, President of Black Knight and its Servicing Technologies division. “Together, we are facilitating a faster, more efficient process through improved data standardization and transparency.”