JACKSONVILLE, Fla., Jan. 22, 2018 (GLOBE NEWSWIRE) -- Black Knight, Inc. (NYSE:BKI), a leading provider of integrated software, data and analytics to the mortgage and real estate industries, announced today the successful completion of year-end loan processing for its mortgage and consumer loan servicing clients on schedule. All month-end, quarter-end and year-end processing -- a record of more than 46 million loans for 67 servicing clients -- was completed by noon on Jan. 1, 2018. This year-end processing was completed for all active and inactive loans serviced using LoanSphere MSP, Black Knight’s comprehensive, industry-leading loan servicing system, and processed in Black Knight’s data center.
Year-end loan processing is a critical annual project for Black Knight’s servicing clients, which are required to annually report prior-year account information to borrowers to meet regulations for the Internal Revenue Service, the Government of Puerto Rico Department of the Treasury, other government agencies, and to meet internal reporting requirements. Black Knight employees from various departments across the company must complete hundreds of tasks to help servicers compile loan information; generate exception and balancing reports; and create annual statements for mortgagors.
The months-long preparation for year-end processing culminated over the weekend of Dec. 31, 2017, when team members worked round-the-clock to execute multiple year-end processing tasks for each client. To provide additional support for its clients, Black Knight allowed its servicing clients to choose to process on either Friday, Dec. 29, Saturday, Dec. 30 or Sunday, Dec. 31. Black Knight’s year-end team successfully managed processing for all three days.
“Over the years, clients have repeatedly told us that no other provider completes year-end processing more quickly or accurately than Black Knight,” said Joe Nackashi, president of Black Knight. “We continue to incorporate system advancements and process updates that will help us manage year-end processing even more efficiently for our valued clients.”
The MSP system offers a single, comprehensive solution that helps servicers manage all servicing functions – from loan boarding and payment processing to escrow administration, default management and more. The system’s scalability can meet mortgage and consumer loan servicing needs for virtually any size portfolio.
In 2017, numerous clients either signed new agreements for Black Knight’s MSP system or renewed their contracts for the system. “The confidence that both new and existing clients have in MSP is further reinforcement that our comprehensive servicing system is proven to help servicers manage compliance, improve efficiencies and increase performance,” Nackashi said.
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 www.blackknightinc.com.
For more information:
Michelle Kersch
Black Knight, Inc.
904.854.5043
michelle.kersch@bkfs.com