- DMRS is an online tool that provides a simplified and efficient way for servicers and the attorney firms they work with to report default-related milestones on Fannie Mae loans
- Developed through a collaboration between Fannie Mae and Black Knight, DMRS aggregates and links servicing and attorney data to identify process and timeline discrepancies
- DMRS is integrated with Black Knight’s LoanSphere MSP servicing system, as well as the company’s bankruptcy and foreclosure applications
- All servicers of Fannie Mae loans and attorney firms can access DMRS, regardless of the platform they use
JACKSONVILLE, Fla., March 14, 2018 (GLOBE NEWSWIRE) — Black Knight, Inc. (NYSE:BKI) announced today that Fannie Mae 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 delivers numerous benefits to servicers and attorneys, including greater efficiencies 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.”
About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
About Black Knight
Black Knight (NYSE:BKI) is a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
As a leading fintech, Black Knight is committed to being a premier business partner that clients rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class software, services and insights with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit http://www.blackknightinc.com/.
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