Vv The Money Source, a national correspondent lender based in Melville, New York, has signed a five-year contract to implement MSP[R], the widely used mortgage servicing platform from Black Knight Financial Services Inc., Jacksonville, Florida.
The deal, announced on June 15, will allow the lender to move its loans from its current subservicer to an in-house servicing operation using MSP. In a press release on the transaction, the company said the desire to sign up for MSP was partly due to the fact the system offers significant scalability that can support The Money Source's projected growth of its servicing portfolio.
Rick Smith, executive vice president, servicing division, for The Money Source, said, "We value the stability and scalability of Black Knight's MSP solution and its support for compliance requirements."
He added, "As we bring our...