Cornerstone Servicing Selects Bizzy Labs’ Libretto For Advanced Compliance Monitoring
Cornerstone Servicing, a leading third-party subservicer and a division of Cornerstone Capital Bank, SSB, has selected Bizzy Lab’s proprietary compliance technology, Libretto, to perform daily exception processing on its servicing portfolios. The first Bizzy Labs client using Black Knight’s MSP mortgage servicing system, Cornerstone Servicing will also market Libretto as a selling feature to its subservicing clients and prospects.
Libretto is a servicing quality assurance compliance program that provides a systematic and automated approach to loan due diligence. It uses a comprehensive library of over 1,000 business rules run daily against entire servicing portfolios to identify servicing compliance deadlines and data quality anomalies that could lead to compliance red flags. Libretto reduces costly servicing errors, provides business risk transparency and ultimately reduces per loan servicing costs.
Cornerstone Servicing is built to empower smart homeownership and cultivate customers for life. Its proven formula combines superior customer care, intuitive technologies, customer-centric processes, and actionable communications to make homeownership easy and convenient. The company’s subservicing clients, who represent lenders and investors of all sizes, benefit from better retention, minimal delinquency and risk, and a stronger financial performance.
“In today’s ever-changing regulatory environment, we take a proactive approach to ensure our clients’ servicing portfolios meet and exceed the most stringent compliance standards,” said Toby Wells, President of Cornerstone Servicing. “Integrating the Libretto compliance rules engine into our robust servicing technology platform is helping us monitor and detect risks early and with even greater efficiency and precision. This strategic partnership with Bizzy Labs will help us continuously elevate our platform, risk management program, and best-in-class client services.”
“We are proud to help Cornerstone Servicing minimize inherent risk in the servicing process and continuously improve their operational performance,” said Gagan Sharma, CEO of Bizzy Labs. “Choosing Libretto to prevent inaccuracies before they happen is a testament to Cornerstone’s forward-thinking approach to servicing loans.”
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